Cash out re-fi's are very difficult given the economy and the fact it has been an election year.

They move there and live/work there.As for the other, mis-match, places, their economies collapse from a lack of workers/support staff.

Plenty of demand drivers and diverse economy.

Generally speaking, you will have better economy of scale with a 4 plex than a 2 plex.

If I can do this my case will be much stronger for a private lender to give me money in exchange for moderate returns on their money in the form of a note. 

The Costa del Sol has been pulling the economy of Andalucia, Southern Spain in general and the whole country for decades.2.

And you'll likely want to consider more fringe & cheaper areas for lower prices & better cash flow.I bought a 3-unit building in November last year when rates were 8% using a renovation loan (5% down), made cosmetic renovations to the units, and then we got way stronger rents than expected.

Along the same lines, the buyer who can barely qualify for the entry level SFH is acutely aware of their cash shortage and therefore are going to be less accepting of household features near the end of their useful life, even if still functional and have a stronger desire for anything that is listed as a deficiency on the inspection report to be corrected. 

Or is it the volume of ongoing flips that will benefit the most with a project manager due to economies of scale?

The economy is rapidly growing so we see both cash flow and appreciation potential here.