Even if you do a cash out refi, you still need to pay off the initial loan, and then will not have enough money to pay all cash on the next and so on when prices are at a high premium.   

Hosts often make the mistake of using low-quality photos or vague descriptions.

Real estate has high transaction costs.

I would run numbers with pretty high interest rates if you want more cash out than 70-75% like @Brie Schmidt mentioned.

For other folks, here are some other entities that would, if you sold the property to, have negative tax consequences: YouYour spouseAny of your lineal ascendants or descendants (parents, children, grandchildren, and the spouses of children, grandchildren, — including legally adopted children)Any investment providers or fiduciaries of the IRAAny entity (like a corporation, LLC, or trust) where a disqualified person owns more than 50%Any entity (like previously listed) where the IRA account-holder is an officer, director, a 10% or more shareholder, or a highly compensated employee

Now in-person inspections also have your back as the investor, having someone come out and check the quality of work your contractor is producing is good to know.

I started looking for rental properties but was quickly discouraged at the super high prices of everything in my area.

Personally too, I look for the best quality and always provide that to all my clients.

Specifically on whether the high interest rates will lead to an increase in mortgage delinquency rates similar to what we saw during the 2008 great financial crisis.I plotted the chart below (Figure 1) to compare Fed Funds rate to unemployment rate and mortgage delinquency rate. 

Most house hacks in high cost areas don't really cash flow.