Can you consolidate the portfolio (sell a few properties) and decrease your debt? 

What you can also do is take a look at any high interest credit cards that you can consolidate to maximize the monthly savings and reduce monthly total debt.Cash out refinance is tax free and cannot be touched or taken back but a Heloc can be reduced or closed if you miss a payment, credit score drops, or your DTI increases.

i think it's because of the tremendous rise in home equity in the past 5 years.i used a HELOC to (1) help with a down payment on a short term loan, that I then paid back in full when I refinanced; and (2) to consolidate some higher interest debt, which I am now paying back by making extra payments against the principal since HELOCs are generally interest only for the first 5-10 years. 

On the other hand, a home equity loan gives you a lump sum with fixed payments, which is more predictable and great for one-time expenses like consolidating debt or buying a rental.

Do you mind elaborating on the consolidation versus liquidation approach?

Separately, if one might want to invest as a trust, via the LLC it may make some estate planning slightly more consolidated. 

Unlike the US banking in Portugal is consolidated in a few banks which means that things that are common in the US like credit unions or local lenders are not found there.Has anyone had experience in doing BRRRR with Portuguese lenders?

Creating a new LLC for each property can be costly in Ohio, so consolidating can save you money and hassle.

It would be no problem to re-consolidate them as long as the 1031 calendars are compatible.

What you're talking about is what we all a consolidation exchange.