They expect a smart borrower to shop around and compare terms, ask one lender if they'll match or beat another.

Initially my wife was pushing for the heloc as the method to get our down payment money but I insisted on as closely as possible comparing the numbers to the cash out refi. 

Those are good places to start but you should always look for sales that are comparable in type, size, condition, and amenities.  

Metal building will likely be more to build but with lumber prices the way they are right now it’s probably fairly comparable.

At the end of the year, compare what you’ve ‘set aside’ versus what you’ve spent.

In fact, there are very few small MFH around the way compared to here so we're looking to house-hack but are open to other opportunities.  

Without taking too much of your time, let's jump right in.Rent comparables, using the lower-mid end of the market:1/1 - $14753/2 - $2500Mortgage 30YF @ 4.359%, 14% downTriplex- 3/2 & 1/1 & 1/1Asking Price 519,000EGI65,400 - vacancy (5%) = 62,130Yearly Operating ExpensesTaxes (1.15%) - 7,785insurance - 1500 repairs (5%)- 3270CapEx (10%) - 6540PM (10%) - 6540Utilities - 1500Total Expenses- 27,135NOI= 34,99534,995 - 27,384 (mortgage- refer above) = 7,611$$$634$$$ CASH FLOW per month, or over $200 per door for this multi in LOS ANGELES, CALIFORNIA CA!!

(get data points to compare)Is it in a good area with reasonable chances for long term appreciation....?

Watch the properties see what they sell for and compare your numbers. 

Also like the idea of starting to prepare the tenants for the new management approach and expectations I'll bring compared to the previous owners.