It seems a natural progression.

Condos (particularly in FL) have a little more of a speculative nature to them.

The last 2 SFH I bought, I spent $2500 to convert them to natural gas.

It doesn't cash flow a ton, but it was enough for us to get some skin in the game and get a taste of real estate.Lessons learned?

For example, carpet will naturally wear away and change color as it is used over the years.

Such loans are more conservative in nature, so expect a lower LTV on that cash-out re-fi than what you might receive on a personally guaranteed loan.There is lots of good information here on Bigger Pockets on the topic of these types of self-directed retirement plans, as well as several professionals in the field who are active. 

There is more than one way to skin a cat.    

First, there is a “one property” exception that applies if the seller only finances one property in a year, is a natural person, an estate or a trust and meets certain other requirements.

Something else to be aware of, legally: AZ statutes have a "handyman exemption"  for maintenance that is under $1000 and "casual in nature".

@Ebony Johnson I have always been looking to find a balance between the 3 sources of income.Cash FlowEquity / Principal pay downAppreciation (forced & natural)The interesting thing is that the three are usually connected, so if you push one up, the other two will come down.