You've done well, William..I don't sell after a target appreciation % is reached, but when a headache limit is (like 4hrs away) or when I can make better use of the equity or to pay off maturing debt on an asset I'd rather hold.

If your policy changes to Actual Cash Value (ACV) the overall limit will be lower and the premium should also come down. 

For instance, I see 1 car garage homes going up, this is insanely foolish unless this is limited by the lot size or other parameters.

I’m looking at affordable markets such as Columbus OH (any other market suggestions welcome) because my down payment and rehab funds are limited (hoping to stay at around $40k) and I’m hoping to do a cash-out refinance to get more cash to invest.

REI is sexy again, so more people want to do it and we all have access to basically the same information, chasing the same limited inventory. 

The best way to make the numbers work is to limit the work to cleaning, paint and carpet and avoid expensive projects like roof, windows, replacing plumbing and electrical systems, driveway etc - as these take huge amounts of capital, but will typically not drive up the ARV by much.

To limit your liability I would highly recommend you hire a property manager.

The loan limitations will be deed seasoning and your LTV max.

Lastly check your local landlord laws in the earlier scenario that you could command a higher rent basis will be shut down if your law limits the amount you can charge either by percentage or dollar amount per year.

You can bring additional cash to the table to purchase the replacement property, you’re not limited to the cash generated from the sale of the current property.