I will say that during that time, the HELOC interest rates were very low.  

I know the "survive till 25" crowd was banking on interest rates going down to the 4's or low 5's next year and that was going to save these deals.

This vary heavily town to town. 20% down is great if buying strictly as investment but if you have a way of owner occupying I would explore that route and apply the 20% down to increasing value of property and instead using low money down loan. 

Maybe I'm no longer a low risk bond investor, maybe I'm parking my money in $VOO instead, CRE REITs, or perhaps higher risk higher return bonds. 

We have an extremely competitive market, huge demand and low inventory.

I too have feelings and thoughts about the programs.After I get past my feelings, I have found that I consistently get paid and vacancy is low. 

There was positive population growth, medium home price growth, low unemployment, good rent to home ratios, and low crime, all of which are factors when I start looking into an area to invest in.  

House hack another property with a low down payment loan and use the remainder or the proceeds to either renovate or purchase another investment property?  

OKC has alot of opportunity mainly because of its low level of enforcement of housing codes, strong landlord laws and conservative judges in eviction court.

One fast way to generate cash flow is to invest in high cash flow, low appreciation markets (say several midwest e.g.