I know you mentioned taking time to relax, do you plan to further scale or do something different outside real estate?

As Peter and Jonathan mentioned relying on similar comps and/or local agent knowledge is the key here.

Just wanted to mention that the cash out refinance funds are not tax free forever.

As others mentioned can you afford the negative cash flow?

Quote from @Shayan Sameer: Quote from @Zachary Deal: As several folks have mentioned leveraging equity in current property you owned is a great tool but still comes with the some of risks as you had before using hard money debt as there is never a guarantee your new project will be a success (there will always be risks with real estate investing).Leveraging your investment property would probably be the first step I would take. 

Thank you so much in advance for your help.If you have a property manager and live 100s of miles away, it’s unlikely that you meet the material participation requirements to qualify for tax benefits you mentioned. ...

But as was mentioned above, you need expertise and experience.For the first 2-3 years of activity investing in real estate, I had to use my own money sources for down payments.

This is one of the things that @Matthew Irish-Jones mentioned above - be careful about putting #3 on his list above #1 and #2.

One place that will soon become a rental market heaven is an area around Johnstown/ New Albany where a huge Intel plant is under construction with plans for thousands of employees, not to mention the contractors there now. 

G'Day Alejandro,As a few have already mentioned, take a peak at Toledo also.In my opinion lower potential for long term appreciation but solid/"boring" cashflow.I prefer my portfolio to be "boring" but cashflowing lolLow entry points (Sub $100,000), high rents (Above the 1% rule).Blue collar working class decent folks that will stay and pay.Depending on the area but no derelict homes, yards well kept, cars with wheels and all tenants are employed.Plus, all are sophisticated enough to pay rent online so property management doesn't have to collect rents with bullet proof vests and shot guns lolI'm bias toward Toledo but it's worth considering.Wishing you much success