We have already seen several Wall private equity groups fail miserably as landlords because they thought they could accumulate data, read a few books on landlording and be successful.

This is all I do day in and day out.A pharmacy might be a better buy for you if you just want to accumulate equity and principal pay down over time.

I am seeking to maximize long-term wealth accumulation, and if I keep the rental, to become a better real estate investor. 

Or do I stay small and accumulate many small properties?

@Josue Vargas I invest mostly in Class A or Class B assets, Like @Rick Pozos said, this property class isn't the best if you're trying to accumulate cash flow.

Whether you cash out refinance or sell the old property and buy the new one, your new property's depreciation would be based on how much you paid for it, not based on how you paid for it.If you do not have a lot of capital gains nor a lot of accumulated depreciation in the property being sold, then it probably would not be worth it do a 1031 exchange.

Soooo…here is my dilemma…should I stay living in an apartment while I accumulate rental properties so that I free up my debt ratio…for even more income properties?

I have no turnkey providers that I have used to accumulate these properties and have $160,000.00 cash flow and pushing rents and increasing NOI rapidly and Cash Flow too.  

You can wait each year as prices accumulate 2-5% a year or you can jump in and lock in your cost for the next 30 years buy getting a 30 year fixed loan.Trying to time a drop in a market doesn't work for long term hold investors.  

To give you insight into my thought process...right now, while I'm still trying to accumulate knowledge but still desiring to get in the game with my first rental, the idea of buying through Roofstock is very appealing to me.