The obvious play would be for the low purchase price/cash flow. 

(Remember, a loan is not a taxable event.)Given that mortgage rates are also close to 7% this won't boost your cash on cash returns much, but a higher percentage of your free cashflow will be tax sheltered, potentially all of it. 

So many of my out-of-state clients from California are successfully purchasing flips, BRRRRs, and buy and hold deals here at a very cheap price point, cash flowing, and have tons of appreciation.

Pay cash for the property and the rehab, then do cash out refi. 

Giving some rough numbers, let's say the interest rate when they purchased was around 3% and they offer to sell to us for $100,000 cash. 

Purchase price: $93,000 Cash invested: $993 Sale price: $150,220 Contributors: Peter Vekselman Partner Driven, in collaboration with Robbie Vekselman, successfully completed a deal on Springdale Forrest Circle, Gainesville, GA.

I ASSUME you are not paying cash.

Figure, do a few Fix n Flips, stack some cash, then BRRR. 

It just cash under the mattress or something else that cannot be sourced where you have to wait. 

I could cash flow $300/month at the rent I'm asking for on Marketplace (I listed it higher than I thought I'd be able to get).