These sellers paid much less than what the going rate it today, likely have no mortgage or low interest rate mortgage and do not need to push rents to market value to cash flow.They get solid returns at their current rental values, have minimal headache with current tenants and they don't need to do major repairs to get their properties sold for a solid value. 

I started my career as a commercial banker a long time ago, but have been an independent mortgage broker for nearly a decade.

A classic example is Vestin Mortgage back about 15 - 20 years ago.

Ironically, Taylor often only sent emails to just one of us, until she had multiple reminders.We obtained, as requested, payoff letters for our mortgages with the date of December 31st.

The HML covered 100% of the $32,500 rehab budget through drawbacks.Refinance: Post-rehab, I refinanced into a primary mortgage, creating 25.5% equity in the property.Future Financing: I plan to leverage the property with a HELOC to access up to $86,000 in capital for future deals.

Assuming you don't have a mortgage that requires a certain level of insurance, you can get a stop-loss policy covering all the properties. 

The new buyer brought a new down payment that made me whole and then some, and despite the original buyer falling behind, I continued making the underlying payment on the mortgage with reserves from his original down payment.

Get a conventional mortgage.

If you use a DSCR loan you could maximize the equity you could take out while still breaking even on the mortgage + taxes + insurance.

The mortgage was also raised due to insurance issues to about $1,950… so I am not making much cash flow, more like a cash trickle.