A bit of clarification on the larger property: "That large property also makes the same as the smaller 8-10 properties as well"Are you saying it makes as much as the the 8-10 smaller ones, or as much as the the 8-10 smaller ones combine.

Professional SEO here with 15 years experience (who happens to be looking to get into the STR game in the next 12-18 months). 

And then you will purchase a new investment property and all of the gain is tax deferred indefinitely as @Jaron Walling said.The way to combine and get both advantages would be to move out and turn that property into an investment property for a year. 

Question1> Cash Out Refi LTV: Single assets versus multiple properties: If all properties are performing how many should be considered into 1 portfolio loan, or should properties be enter into loans separated then combined?

I have a couple questions for you:Am I able to use my VA loan combined with another veteran if I am married? 

This combination of low taxes, low maintenance, and high rental potential makes Vegas a strong contender for savvy investors seeking long-term profitability beyond just the purchase price.

It is my initial reposition instinct for all the reasons @Dave Foster and @Kevin Sellers point out.I just don't like the idea of so many of my proverbial eggs in so few baskets, or not being as familiar with the asset class, and the looming recession we are over due for, combined with not necessarily having much location knowledge, if buying in a secondary/tertiary market that I have no direct experience in.Also, it seems like the primo NNN lease assets, get snatched up before they get posted on loopnet or crexi.

I know there are some folks who rent two units in the sam building separate but also are able to combine them for bigger groups and having that flexibility could benefit you!

What I'm thinking about is to combine bedrooms 1 and 2 into a large primary and add a full path adjacent to the current full path. 

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