Imagine the cash flow I could have if I desired (my cash flow is not great because I extract value regularly and because I prefer my return to be in tax free or tax deferred sources and cash flow you get taxed on yearly).Case Schiller used to (maybe still does) publish a residential market performance ranking since 2000.  

I would not go through the cost and pain of extracting every dollar of equity. 

I'm sorry, but what you extracted is not what I meant.

The Agent is Liable;  The Policy should pay, and then extract justice upon the Agent.  

However if I do a BRRRR I can achieve infinite return by extracting all of my investment.

If you're solely focused on extracting the maximum value from the property, you might end up working against yourself.

If I had not extracted value I would be rolling in cash flow. 

I think I explore equity extraction to have some liquid ready to go.

Keep the two properties and do a cash out refinance - Extract cash from the two properties and while keeping the two for long term leases, use the cash to buy another property and hope the interest rates drop this year which is likely from what Powell is saying. 

It turns out that for a year, minus the first "dead" month, I assume to extract a return of $12,000 (I also deducted one additional month based on the assumption of the necessary "additional investments" in repairs annually): $1,200 * 10 months = $12,000.Cash-on-cash return = Real estate income received for the year before taxes/amount invested.