It also makes getting rid of a difficult tenant easier.

I did have one near downtown that I sold as that crowd was a pain, lots of parties and difficult guests.

@Kevin Collins well I apologize if it comes off condescending, it is difficult to translate 'tone' in a forum but at the end of the day you are in a forum seeking out advice...

I think one of the biggest risks you face with Cash Out is interest rate risk.It's really difficult to predict where interest rates will be in a 2-5 year time period, so it can also be challenging to model out future mortgage rates.

In terms of STR it seems that in the really strong markets (Lisbon, Porto, old town Ericeira) it is difficult to get the AL licencing.

As you mentioned, it might be difficult timing the sales of each of properties where you can achieve a combined exchange (multiple properties into 1 property / or a few properties).Just a quick note that may be helpful - I work with a group of investors that can help with a combined exchange into a single property and will buy it back once you've found a replacement propertie(s) as the final destination for your capital.

There are only a handful of these and they are much more difficult to find.

Until that started getting difficult.

Depending on your level or preference of analysis, data and their providers are incredibly important and difficult to obtain when it comes to real estate underwriting.

You are going to find this quite difficult in the start up..