Plus it’s liquid and there is no debt (all assuming, of course, some mega government doesn’t come out and issue a new world Cryptocurency rendering my BTCs valueless!)

If the cash-out refi provides liquidity and good terms, it could be worth taking, but make sure it doesn't interfere with your construction funds.I can help you assess both options and see if we can offer a more favorable solution.

Do you have liquidity to close the property in cash?

You should definitely be liquid before investing in rental property.

Tenant performance decreases as the property Class decreases.Have seen too many out-of-state investors misread the City of Detroit neighborhood markets and liquidate their holdings when their expectations weren't met. 

Spray it in the vents also.

I'd recommend buidling over buying in miami for equity, I'd also recommend higher asset classes like hotel to increase your ability to buy land. not sure your experience or liquidity but I'm happy to discuss.

However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates into 2025).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

Just do not sink so much of your liquid reserves into a property use the banks money!

How can you manage liquidity to allow for more investing into rental properties?