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As someone who is in the process of weighing out the pros/cons of these two approaches, it seems to me that a viable link building strategy would be for the multiple site owner to take the approach of trading links from every site in their network in exchange for the single site owner agreeing to put multiple links on site pointing to all of the sites in the multiple site network. It would that this would appeal to the single site owner because they could build links faster and it would seem that the multiple site owner could build links for their network with about the same amount of energy as if they had a single site. What am I missing?
What am I missing?
You are underestimating the capabilities of the search engineers in locating linking networks. I am not saying that they will, but if somebody were to poke their head under the hood, they'd be able to put the pieces together.
If you are doing the link exchange in an effort to manipulate your SERPs, and get outed, then you need to be prepared to deal with the wrath.