They take positions with liens but ultimately their goal isnt to own a REO but rather to keep the velocity of their money churning so they can get paid a huge spread and relend it out again. 

There is a huge incentive to churn a unit.All property management companies that I have run across charge some percentage (8-10%) of rent as a monthly fee, some charge whether or not they currently have a tenant in place.

With high overhead they need to churn 50 houses a year.

Normally this line of thinking ends up in a tax avoidance (not approved) by the IRS, you would have to lie about something somewhere along the way to get some sort of benefit that is just not worth it...imoKeep that mind churning though!

As my mind began churning of how to get there, I realized for the first time ever that it wasn't going to happen on the path I'm on right now!

Additionally to what you have said, I use cashback cards only and even some churning.  

I love occasional churn of inventory.

Same PM tried to churn a tenant in a property that is next to the house we live in.

This should continue to climb as we churn more remodels and continue to upgrade the units hopefully to the 155k area by the time we need to refi.It is for all rhyme and reason not a 'pretty' development.

You can then keep churning the equity.Best wishes in your endeavors.