If the alternative is wait 5 years for a down payment on something you don’t live in, you stand to likely gain substantially by moving on this decision now and collecting rent, principal pay down, appreciation, and tax benefits in those 5 years.  

I've been thinking of adding an annual 2% cost of living increase to new leases.

I am currently living in a rental as well. 

., Your tenant has been living there for 40 years and sort of kind of thinks the place is his.

Although I know the home I live in is no asset, I see its cash flow potential if I can be living elsewhere.

In the Smokey's, I would say that there are a number of day visitors who live closer.

So I'm under 2% for CC fees on most of my channels now, don't have to live with Stripe's 2.9% anymore. 

I would like to be able to own a multi family unit (4units or less) where I can live in one of the units.

We’d like to assemble a real estate portfolio over the years, and would consider buying a rental property whilst living in our current home.I’m looking for any creative ideas or suggestions given our circumstances.

Maybe you’ll get lucky and they’ll outright ban STR o require you to live in the property so you can ignore this strategy.