Refi or big down payment?

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So we currently have a duplex- wahoo! We just had to jump into the game asap and we definitely overspent. It cash flows about $150 /month if we’re not doing any updates to it so it’s quite minimal. My wife and I are trying to figure out our next step- we would love to get a 4-unit deal that we’ve been looking for. Currently drivinfor dollars and eIll start cold callIng and sendIng dIrect mail We‘ve been makIng the lIst. We‘re nor sure how to fInance the next property we have about $30k of liquid cash that we’re comfortable spending if need be, but would definitely be more comfortable using OPM and not losing our leverage. We used an FHA on the first duplex, now we’re renting for $400 a month saving about 70% of our income. Should we put about $15k into the loan at our duplex so we can hit the 80% LTV in order to refi ourselves into a conv so we can then use FHA on another multi unit? Or save up a bigger down payment for the next one? We have also considered doing some SFH because of the ease of owner occupied down payments. Thoughts?

Refinancing is going to cost a few thousand.  

The rest is sort of chocolate or vanilla.  You can keep doing owner occupied, as long as you occupy for at least 12 months, and have low down and low interest rates.  If you are OK about moving, that's a way to keep on going without the bigger down payments.

Let's fast forward to your next few investment properties. The conventional financing rules have been 20% down on mortgages 1-6 and 25% down on properties 7, 8, 9 and 10. You also will need reserves, which is PITI and HOA payments for the investment properties, for six months.

So how to keep going?  Fill up the first "easy" 10 investment mortgages, and then move to portfolio lenders. Or find private money.  Or buy with owner finance, either the entire loan or seller carry-back.

I like to begin, with the end in mind.  What are your goals?  It is easy to burn through downpayment money, so I personally like to preserve my cash.  So, chocolate or vanilla?