My buddy sold for ~$500k over its existing use value and no contingencies and did not even convey existing tenant’s deposit.  

Get a copy.2) Bring your trust documents to any bank and open a trust account in the name of the plan with you and your spouse as the trustees.3) Transfer your existing 401(k) funds into the checking account associated with your 401(k) trust.

I think this is a calculation a lot of homeowners are making right now--especially if they have a low interest mortgage, equity, and their house will cashflow as a rental.The choice is a personal one of course, but I think your future self will thank you if you pull out some equity from your existing home with a HELOC for the downpayment on the next house and a cushion renting your current home, use a property manager as you have other things to do, and buy the next house and do the same thing again.

I'm not saying it's impossible or they don't exist.

We approached the existing lender for a loan assumption.

Would a cash-out refinance to free up equity and keep growing be a smart move, or should I focus on paying down my existing debts?

There are a lot of affordable properties in Knoxville, but the growth isn't terribly vibrant and the deman isn't what you'd expect for a city of that size and that close to the Smokies - you're mostly looking at college rentals for the meat of the move season, and the SF market, while it exists, doesn't really compare to Chattanooga. 

One challenge was getting the hotel occupancy up after renovation since no one had booked or stayed in years so there was no existing guest base.

In the same amount of work I could find an undervalued deal in my market through existing channels.

😊 Goals give us two things: direction on where we want to go, and the motivation to get us there.Imagine your ideal existence.