I realize options may be limited here in the Phoenix area (only two I know of in Phoenix & Chandler with storefront units), but if anyone could point me in the right direction (on either (1) what to search for, or (2) any existing properties to look at), it would be much appreciated!

Here is a map I just ranked, based on some growth factors for Multifamily.I hope this helps when you start looking around!

If it's a refinance you might have buy down options available to get the rate a little lower.

It could be a good option if you're looking for long-term value growth.

There are lots of options out there.

I am struggling to find the right option for a HELOC on my second home in Northern Michigan.

Helocs must also be calculated in underwriting based on fully exhausted payment meaning even if you only use a portion during the next purchase they underwriter will hit you with the full payment for risk.Cash out on the other hand is a liquid reserve tax free and it only requires (1) mortgage/lien.

Lots of newbies want to negotiate deals based on caps and it gives you a false sense of value for a property. 

Have been doing research and spending time here on BP and those seemed like the best markets in general and given our budget (we're based in CA so $50k doesn't get us anywhere here).

Our current lease, based on a template, prohibits subletting, so I’m not fully aware of the pros and cons of this arrangement.