This strategy allows for a relatively fast recycling of cash and free cash flow.The market has shifted hard and appreciation is not on the same trajectory as it was a few years ago, but it does still exist especially if you can force it. $200-$300k of appreciation on day one on a sub $1M property in the Bay Area is pretty good.

There is going to be a big shift in the market when Florida starts to force HOA's to have full reserves. 

It seems if I cash out refi I will have a loan on my existing property, but the new properties will be paid off so it feel's like I am just shifting the equity around. 

If you were actually at my event, you'd know that 1) I buy at wholesale prices, 2) I buy for cash flow, not for speculative appreciation, 3) we 'create' appreciation by making value-add improvements to properties, and never speculate, 4) I stabilize properties & refi out my investors in 12-18 months, allowing more predictability in interest rates & loan terms than speculating 5-7 years out like most syndicators do, 5) if the market shifts, I'm at a low enough cost basis that I have many options on what to do with the property (hold, refi, sell, etc), 6) once investors are cashed out in 12-18 months, I'm the only one with ongoing responsibility & liability (even though it's a non-recourse loan there is still some liability I take on), 7) I project for increased interest rates (which actually just dropped .25% last week, btw), lower LTVs, and lower valuations than what the market is showing right now, keeping us at very safe levels, and 8) I only buy workforce A & B class apartments (not luxury, not C/D class) which is the most insulated asset class in real estate.I have NEVER publicly pitched a deal, or even pitched a deal in my events. 

(Shorter distance for me)Not sure about knoxville TN, have not been there.I also noticed people shifted to smaller cities to invest.

The shift is growing.

Depending on the business the environment shifts far more rapidly than the housing market—especially online. 

Are there shifts in rental prices, vacancy rates, or investment strategies that are worth discussing?

IMO, they only asked the contractor in order to shift blame.

I shifted into tax deeds instead.