It has definitely been a gradual process, slowly adding a property or two to my portfolio each year, but eventually getting to the point where I am now, with a reasonably substantial portfolio (mostly in Cleveland, like yourself).

The rent wouldn’t be substantially different, maybe 400-500 gross rental income more, but the expenses would chew that up.

Cash-out refinance, which involves paying off the existing debt and taking a substantial prepayment hit unless the timing is right.3... whatever I am missing?

It wouldn't be a substantial sum of money in my pocket every month (600 to 1000), but houses seem to always appreciate over time, and if someone is paying it off for me, maybe it's worth holding on to.

Some long term tax planning listed above may be used in tandem with OZF to reduce tax bill substantially. 

"Not renewing your lease" happens frequently when you want the property vacant to remodel and raise the rent substantially. 

While my properties don't cash flow as much as other areas, the appreciation makes me substantially more money.  

However, it is substantially more complicated to manage than a flip in your local market.  

I am hoping to use the BRRRR method on future purchases but for our first property we didn't want to jump into something that required substantial renovation.

You can make substantially more per month on rent that way.