For my part, however, while paying a compressed cap rate for the in-place income, I am taking over original, un-renovated, and non-optimized assets with plenty of upside where I can underwrite close to doubling the NOI in 3 years.

Someone near Las Colinas would be optimal.

Optimally, I would like to manage my first rentals myself to get the learning experience, so finding something within driving distance would be great.

My take was to focus on not wasting money on the artifacts that traditional society (and American marketing) considers a wealthy person should own and that you should optimize your financial resources to what brings you true happiness.

I echo what everyone else has said about optimizing your cash flow.

I definitely would like to keep 50% of what I owned if things do go side ways, which means controlling optimal reserve is the key in this equation.

Just figuring out my most optimal exit strategy legally and creatively.  

I tend to acquire multifamily property in markets with a compelling growth story (of course the future is uncertain but it pays to begin in the right direction), improve the property to bump the income in the front side of the investment, then monitor for the optimal exit point.  

Cashout refi isn't some secret off-menu program that you need to bring up any specific way.

I can't allow the excited blind optimism to go all Willy nilly on me.