Cash.

Doing a cash out refinance to recoup invested dollars is more difficult due to home values not increasing at 15% YoY.  

@Andrew BrownI'm in the Reno Tahoe, Nevada market and we have tools that rate every property in our local market for cash flow potential.

…They simply have to buy as much or more than they sell for (after closing costs) and reinvest all “cash” they receive. 

Did you make your millions from cash flow or appreciation?   

OR Hire property manager and eat the costs until you have cash flow coming in? 

Or do you go for cash flow only?

When they don’t share the numbers proudly, it is usually a negative cash flow situation. 

Curious about the wisdom of messing up a good thing with a cash flowing property to potentially own/sell a multi million dollar property.obviously would like  a better understanding of the risks involved.Thank you 

If that's your goal, you want 6-7 homes that make great rentals - low costs of ownership & maintenance, high ROI relative to cash in the property, easy to rent, etc.