Here are some pros and cons of each approach to help you decide:Paying Cash for One Home and Refinancing LaterPros:No Mortgage Payments: You won't have monthly mortgage payments initially, which can reduce financial stress.Equity: You own the home outright, giving you full equity which can be used for refinancing.Lower Costs: No interest payments and possibly lower closing costs compared to having a mortgage.Better Negotiation Power: Cash buyers often have more negotiating power and can close deals faster.Cons:Opportunity Cost: Your cash is tied up in one property, potentially limiting your ability to invest in other opportunities.Refinancing Risks: Future interest rates may be higher, making refinancing more expensive.Market Fluctuations: Property values might decrease, affecting the amount you can refinance.Buying Four Homes with 20% Down on EachPros:Diversification: Owning multiple properties diversifies your investment, reducing risk.Rental Income: Potential rental income from multiple properties can generate cash flow.Appreciation: You benefit from the appreciation of multiple properties.Leverage: Using mortgages allows you to leverage your investments, potentially increasing your return on investment.Cons:Higher Debt: You'll have multiple mortgage payments, increasing your debt and financial obligations.Management: Managing multiple properties can be more complex and time-consuming.Market Risks: Market downturns can affect all properties, amplifying risks.Cash Flow: If rental income is not enough to cover mortgage payments, you could face cash flow issues.Considerations:Financial Stability: Assess your current financial stability and ability to handle mortgage payments and potential vacancies.Market Conditions: Consider current and projected real estate market conditions and interest rates.Investment Goals: Align your decision with your long-term investment goals and risk tolerance.Professional Advice: Consult with a financial advisor or real estate professional to get personalized advice based on your specific situation.If you prioritize lower risk and less debt, paying cash for one home might be the better option.

If you buy all cash you will have a better cash flow position. 

But I have a sense that I'm not making the most of it and that I could potentially grow my portfolio if I made better use of the value in these properties.

I no longer qualified for traditional financing because I already own many rental properties and my DTI was high for the bank, so I purchased these in a business entity with a trusted private investor and was able to refi the 1st property/sell the 2nd property to pay back my investor and ultimately keep the better property for zero money down.

Sometimes if I have paint left over from a different project I'll do an accent wall but I wouldn't spend much time fussing over paint color, its a rental not a Better Homes and Gardens front pager.

This is a little better for him because it eliminates the vacancy, so you leaving early is not as big of an issue.

Even better...you can't take bonus depreciation on your newly acquired asset to help offset gain since it was acquired from a related party.There is a way to effectively transfer out the future appreciation, but your historical appreciation is stuck in the Corporation - you can't get that out without triggering that gain. 

(or better yet, both)If it looks like your probable income will cover all expenses and debt service, you probably have a winner.

Should I be trying to buy a 3 or 4 plex to start or would utilizing a good chunk of equity and looking for a much larger investment like a 15+ unit be better?

So just like the youtube videos you can pay a lot of money for their training and you're probably not really that much further ahead to invest in your local market.If you tell us where you are or where you want to invest, we can perhaps point you to some better resources.