Some of those smaller cities could be a decent play for the future.

I also know that a duplex, while slower, is the safer, more conservative approach and on my single income.Either way, for the second property, said another way its like small steps every 16 months or bigger steps at 32 months based on my current saving rate.

I have investors looking at building out portfolios and while I am based in St Augustine, Florida (tourist destination and many STRs), I would like to find out from the BP audience where you see the opportunities.  

I am a buy and hold investor in Florida looking for an asset based lender to refinance a Condo .

I would anticipate a primarily residential to be there, but primarily commercial might be around mid-9s to sniffing 10, based on where the 10-year is and how it would cash-flow

A careful present value of the two strategies would need to be made based upon a specific investor's circumstances, goals and objectives to determine which would be best for them.  

But their policy confuses me regarding refinancing (I assume BRRR play is prohibited and reached out to them too) I need to somehow calculate if the money saved is worth the velocity and freedom lost in being able to buy when and where I want and buy in the way that will make the best ROI.

Never a bad idea to look at the comps - this should help give you some direction based on your specific market.

If I get multiple apps I will start with the ones that appear to be the best qualified on paper (based on income, length of lease desired, past rental and employment history) and I'll run those first.  

You can likely find a distressed property here in Houston in a good area with $80k-$100k out of pocket and fully funded by HML for the other % & rehab, then maybe keep some of the money in the house and have it more cash flow oriented or take all out and eat the little OTM play.