Banking relationships are incredibly important in this business, especially as you grow your business.  

They chose wisely and have been growing it slowly for almost 2 years now. 

Old age?

Further, we need to account for a $10k “reserve” for what will be repairs / maintenance as the property ages.  

Quote from @Levi Perl: Hi,Curious if anyone has what to say in terms of how to calculate which one is more worth it: to cash out refi on a Long term rental now at 70% LTV, and walk away with X amount of positive cash AFTER paying all debt, (X is a positive number and significant amount for me), which will allow me to potential get another long term rental and grow portfolio faster, or wait 4 months and cash out 80% LTV, giving me DOUBLE than X. 

I built my first modern 7 years ago and like you agree that some (not all) moderns will age out.

I think the days of growing a portfolio through a company like that are done as well. 

I just upgraded from the free trial to full sub of rentalhero.io to manage 7 properties with room to grow.

We plan to rebuild, but our neighbors are aging and do not wish to go through a rebuild.  

The macroeconomics here is booming - the tech sector growth keeps the population and job market growing and rental demand strong.