I highly recommend staying up to date on oil and gas industry trends as this is the biggest indicator of local economy health.

However, with the market being super high right now, I think having a HELOC in place like @Corby Goade mentioned may make a bit more in place if a downward trend begins. 

@Rebecca Ramos the comments that precede mine are spot on, but for you personally, don't forget as a Realtor you have access to market data, broker metrics nd trade publications that can help you to get a deeper understanding of trends, market value and even vacancy rates.

All,I am looking at purchase out of state as I live in az which is basically the hottest market in the country and you cant really get a decent cap rate.

Is this a new trend I'm missing out on?

I wouldn't be opposed to investing in some of the "rougher" neighborhoods though, because in 10 years those will likely be the hottest spots.

Here are the macroeconomics for Tallahassee:Population Growth since 2000: 20%Median HH Income increase since 2000: 30%Median HH Value Increase since 2000: 50%Crime: Just below the national average and slowly trending downward (484 of 1000)Job growth (12 months): 3.2%  (highest in the Panhandle of Florida)All in all, Tallahassee appears to be a healthy, prosperous, city.Are there any local experts who would like to share the ground truth. 

All free reports, might need a login, give insights into markets, market trends, etc.

I'm looking for trends. 

Moral of story: maybe it’s best to continue investing in high value markets, where I assume you live near, can gauge the appreciation trends, can manage a value add, etc.So I suggest option #7:  cash out refi, and keep doing what worked well for you before.