@Phil Sharp, Actually, if you look at everyone's answers here closely, I think you'll notice that they all have ultimately adopted a combination of cashflow AND appreciation.

I have some experience on the institutional side.

See what different lending institutions have to say about my situation?

Specifically, I'm interested in pursuing a cash-out refinance to leverage the equity in my investment properties.If you know of any reputable financial institutions in the area that cater to investors like myself, I'd greatly appreciate your recommendations! 

We usually don't go with those institutions anyway...but your tenant may not know that.  

You never know a person's situation.A couple other reasons why a person would seller fi:1) they have had other offers "fall out" due to any number of issues with financing2)  they have a "unique" property, which may be difficult to sell using institutional financing.

As lending institutions have been in the rhythm of loans being repaid frequently on commercial notes, borrowers are scrambling to perform on their side of the bargain.

I realized that I cannot complete with all cash offers that are $1 million plus, zero contingencies, and various other advantages that institutional and very wealthy buyers have to their advantage.

They are hands-off, institutional grade real estate investments, and they allow you the option to diversify.

If you are or become an accredited investor, you can buy into institutional grade $50-125M projects with as little as $100,000 and diversify.