If it's worth $1.3 million today, it will be worth $3 million or more in 20 years, you'll have paid off the debt (or most of it), you'll earn at least $3 million in cash flow over those 20 years, and you'll have tax benefits.

For southern states, you might want to look at smaller markets in Alabama, Mississippi, or parts of Tennessee and Arkansas where properties are still affordable and cash flow potential exists.

Cash offers would net you less.  

A 20% down payment will allow you to have a positive cash flow, even using conservative projections and a property management company.

Harder to cash flow due to 25yr am vs 30yr standard.

Here's my problem, I've invested pretty much all of the cash that I have and have hit a plateau. 

Just ask the owner what are you going to do with the money if you sell for cash??

Do I wait another year to save more, or do I look into a HELOC or a VA cash-out refinance? 

Personally, I'd cash-out refinance into a 30 or 15 year loan.

What you want to ask is what is a good ROI or better yet, your Cash on Cash Return.I know someone who has $3000 per month cash flow.