They would pay us, the management company a small non-refundable annual fee that is basically a third of their traditional deposit.

A prudent investor doesn't seek quick riches through shortcuts.

It doesn't matter - You as the big bad rich landlord have a target on your back and will be named to the lawsuit and your insurance carrier will rush to settle it quickly and then you'll be dealing with the long term challenges of having that claim in your insurance history. 

The way to get rich is to get more properties like this, not pay a bunch of fee's to tap into your equity. 

**Private Money Lenders**: If traditional lending sources aren’t providing favorable terms, private money lenders can be a viable alternative.

Ron Hubbard built his scientology business: Mid-level sales professional selling the dream lifestyle and over-promising returns to attract people to him so he can capitalize on their innate desire to become successful and rich like him...

You listed two but in broader terms financing (assumable, owner financed, sub to, fha, new 95% OO LTV that in most ways is superior to FHA, dscr, F/f conventional, NACA, VA, etc), value adds (development including ADU, upzoning, traditional rehab, sophisticated value adds that leverage localized rules, coop/tic, etc),  property types (residential, commercial residential, land, storage, MHP, industrial, office, camping, hotel/motel, etc), passive/active investment methods (GP, LP, REIT, nnn, self managed, pm, flipping, mineral right, lumber rights, etc), residential rent models (LTR, STR, MTR, rent by room, student housing, arbitrage, etc).  

These investors can provide the capital to stabilize struggling but fundamentally sound projects, potentially earning higher returns than traditional financing routes.Current State of Mezzanine Debt and Preferred Equity InvestmentsAs of mid-2024, alternative financing in real estate, particularly mezzanine debt, and preferred equity, has gained significant traction.

However, if you use a more traditional product, you may have some wiggle room. as far as the cash out/refinance goes, different lenders have different overlay.

Cash flow pays the bills, Appreciation gets you rich!