If you have a 12 unit that is generating positive cash flow, and your bank is telling you they prefer to gamble on a flip... that's silly.

Provo is a great place and will not likely drop much even in a downturn (I have 2 buy and hold rentals there now) Trying to cash flow any new purchases in Provo is extremely difficult unless you buy condemned property and rehab it all your self (and don't mind still paying $150/sq ft for that) There are to many wanting to pay too much and gamble on appreciation.

So most people will end up dropping term contract.As to believe that invest the difference and that difference would be their self insurance is a gamble.

As to your comment  Ryan about major markets always seeming to appreciate, I agree but I don't want to gamble on that. 

The ones that do great are buying deeply discounted properties and adding value or gambling on price appreciation in great RE markets that have benefited from the market rebound following the recession.  

I was a renter in Minneapolis for ~ 6 years, the biggest thing for me was location.I would gamble on the Blue Line Light Rail expanions, as it will allow better transport in and out of downtown to those further out.

I also think it would be pretty nerve-racking to take that money with that guaranteed return and gamble it on the uncertain.

Don't want to gamble $500 to just inspect a property.

It seems the cost of re-financing the mortgage is a gamble as to whether I could re-coop those costs by going this route.Has anyone been in a similar situation, or have any suggestions on how I could get started?

I want to impress upon real estate investors that there are no certainties only probabilities and to assess the probabilities you have to consider the macro as well as the micro...investing without probabilities is gambling.