Having said all of that, I have since adjusted my strategy to go from turnkey cash flow to BRRRR so I can increase the velocity of my cash.

I was seeking the membership program to leverage economies  of scale and ultimate velocity of my capital. 

Speed and velocity are paramount.

Jeremy makes great points.You also have to remember that velocity kicks in. 1st property @ 20% seems daunting, but if you're cash flowing 200-400 a month, that will help considerably with your 2nd property's down payment.

If your looking for a low doc, no doc, try velocity.

But maybe that's not possible and I just need to cash out now for whatever the market can bear.The San Francisco Bay Area reached its peak acceleration in the velocity of sales price increases last year.

Margins are indeed smaller for option 1 but your velocity of money is much higher, meaning in the long-term you can buy more of your own Airbnb units/have more of your own equity, thus creating more cashflow.

I have not yet done high-velocity AC. 

You can do more velocity in the same time span.So for a bunch of tenants with more mom and pop for me it would have to be a 4 million center and up with a six figure check to take that on for my time.Any broker or agent that is in demand will work on reasonable type requests they see as possible.

Doesn't seem like you've really conquered the market you're in and buying 1 house a year isn't a velocity that would justify needing to expand into another market.