Currently, I have been living in the Lisbon area (Cascais) for about 2.5 years.After some investigation into the Portuguese Real Estate market we (my wife and I) decided that with Portugal’s rapidly growing tourist influx that the risk/reward calculus pointed to STR.

Or can the risk/reward of dedicating the cash to flips be worth the taxes of the cash out?

You are very brave for doing this, but it sounds like a rewarding adventure! 

Not in Austin TX, now it is Austin CA where you make your money on Appreciation but you have to hope the market rewards you.  

Enjoy the rewards of all your sacrifice!

(To those that think "safe high returns" is an oxymoron: in the alternative investment space, the normal relationships between risk and reward don't always hold.

Reward in RE prices for risk of course.As for horizontal I get mine from local community banks ..

We will meet at different adaptive reuse location each meeting to see the transformation and discuss the opportunities, challenges, and rewards of this strategy.

On top of that if you use credit card and float your money, you have an extra paycheck or two to use that money to pay your debt, if that credit card give you rewards then you get free money from that credit card. 

Nope can mention any that will be better risk reward than making the Delta on a 3% loan in the US..