Here are some pros and cons of each approach to help you decide:Paying Cash for One Home and Refinancing LaterPros:No Mortgage Payments: You won't have monthly mortgage payments initially, which can reduce financial stress.Equity: You own the home outright, giving you full equity which can be used for refinancing.Lower Costs: No interest payments and possibly lower closing costs compared to having a mortgage.Better Negotiation Power: Cash buyers often have more negotiating power and can close deals faster.Cons:Opportunity Cost: Your cash is tied up in one property, potentially limiting your ability to invest in other opportunities.Refinancing Risks: Future interest rates may be higher, making refinancing more expensive.Market Fluctuations: Property values might decrease, affecting the amount you can refinance.Buying Four Homes with 20% Down on EachPros:Diversification: Owning multiple properties diversifies your investment, reducing risk.Rental Income: Potential rental income from multiple properties can generate cash flow.Appreciation: You benefit from the appreciation of multiple properties.Leverage: Using mortgages allows you to leverage your investments, potentially increasing your return on investment.Cons:Higher Debt: You'll have multiple mortgage payments, increasing your debt and financial obligations.Management: Managing multiple properties can be more complex and time-consuming.Market Risks: Market downturns can affect all properties, amplifying risks.Cash Flow: If rental income is not enough to cover mortgage payments, you could face cash flow issues.Considerations:Financial Stability: Assess your current financial stability and ability to handle mortgage payments and potential vacancies.Market Conditions: Consider current and projected real estate market conditions and interest rates.Investment Goals: Align your decision with your long-term investment goals and risk tolerance.Professional Advice: Consult with a financial advisor or real estate professional to get personalized advice based on your specific situation.If you prioritize lower risk and less debt, paying cash for one home might be the better option.

Currently I have the ability to purchase a single family residence for a price that won't cash flow unless I add an in-law suit of sorts.

Usually investment properties will want a 20-30% down payment in addition to closing costs, so it's not going to be a good idea in your current state.

We are currently in a down trend that I expect to last three or more years.

4) Can the current owner of the property sell it without involving the tax certificate holder?

At the same time it's currently functioning with no sign of substantial compromise to the cast iron pipe beside the age.  

They said that they get permits as each city requires and that there are too many cities to keep current with every city in the Denver suburbs every year.

I currently house hack with a SFH, but I'm researching ti decide what my next RE project should be based on my preference and market demands.

Or are they going to show you something that has been shown and turned down by all of their current investor clients?

I currently live in New York but I am currently exploring the options of investing in a small multifamily property.