That is probably cheaper to do and if the existing laundry are just hookups in a basement an upgrade that might give you a similar result in terms of tenant experience. 

You are looking for financing that doesn't exist in the current market.

Why do these exceptions exist, then?

Investor Consequences: Supply Constraints: Limited new housing supply in rent-controlled markets may increase demand for existing rental units, benefiting property owners in terms of occupancy.

our yearly rent increases for existing tenants are usually $50/month or so (about a  4% annual increase)  … but this last year with all the inflation we raised them by closer to $100/month.  

They go around the country partnering/acquiring existing property management companies.

When you purchase a property at an upset tax sale in Pennsylvania, you generally assume responsibility for any existing liens, including a Commonwealth lien like the one for cigarette taxes.

The paystub also has misspellings of the city the office is supposedly located in.So then I tried googling her, and a woman in Miami, FL with the same name does exist, but she looks nothing like the woman I facetimed with tonight. 

In my area, decently priced rentals are still hard to find so hard to get rid of existing tenants, especially ones that can’t afford higher rents.

Best to prepare before doing so, so that you can meet with (or terminate) your existing PM, view your rehab, and meet with the new PM(s) and contractor(s) before finalizing things and heading back out.