In order for any property to cash flow sustainably, it must be in an area desirable to a large amount of tenants so that vacancies are at a minimum; the units themselves must be in excellent condition so that again, they are desirable to tenants; repairs and capex should be minimal in the beginning of the investment; and tenants must be good quality whereby they pay on a timely basis and take good care of the unit.

Absolutely all that matters about a turnkey investment, and it pertains to general rental property buying, is: numbers, market, neighborhood, rentability, sustainability of the projected numbers, and in the case of turnkeys specifically- the quality of the rehab and of the property as a whole.

I think DFW can sustain the increase, personally, so i don't think a bust is coming soon, but i do think there might be a market readjustment for MFH if a large portion of investors start substituting to SFRs or other vehichles instead of MFHs. 

I want to own a multifamily property, or several, which have some solid cash flow and not depend on a full time job to sustain my expenses.

How many of you can resonate with that statement? 

For cash flow you go out of CA unless your current property sustains it. 

I'm not sure current prices can sustain themselves.  

My theory is that port cities will have sustained growth over time in particular due to the increased capacity by the Panama canal.  

Option 1 is much more direct; however, if you decide to go this route, you'll end up with more properties and more cash flow as well as the responsibilities that come with that additional property.The refinance also has some risk, you'll be refreshing the loan there and basically starting over on that... however, if you're able to successfully re-fi that mortgage back to a conventional, and sustain the increase in the mortgage payment, while you apply for another FHA and hunt for another property to get into, then you should be fine.But that's what I think will be your biggest challenge, just making the jump from the current property to the multi.

I do work full time, at a large accounting firm, nonetheless, so my hustle game after work isn’t very strong, if I am to be honest with myself.I plan on purchasing properties using BRRRR, and holding them until I have enough equity in all of them combined to sustain the $20,000 monthly cash flow (after considering CapEx, and other maintenance expenses).I will then sell the excess properties, hopefully passing them down to new investors, effectively using the equity from the sale to pay off the remaining portfolio.As stated above, I have not solidified my market yet.