Old lists which are on the mentioned platforms practically guarantees saturation and others already having reached out and made offers/solutions because all your competitors are getting the same leads and at the same time.

I only wanted to clarify that almost everyone who mentions their equity means “cash after paying off their loan”, not their gain.

Did your borrowers mention securing your investment with a recorded mortgage or deed of trust, personal guarantees, lender’s title insurance, or anything else?

As you mentioned, the IRS requires distributions (RMDs) so they can get their money in a timely manner.

keep going after it. run lots of numbers and do a lot of underwriting. feel free to reach out at any time if you need help in your market. these properties that are 3 units are rented and then a cash out refinance that not only makes money but returns full capital to the investor on DSCR loans similar to the interest rate you mentioned above. 

Needless to say, as you mentioned, that is no longer the case with current market conditions.I'm biased, but I recommend exploring and considering the option of vacating both units and renovating both sides for PadSplit.

although Dutch is CEO, it is frequently mentioned by him and Amy Vaughn about co-owners and business partnership. 

There are exceptions, like what was mentioned by @Nathan Gesner, if you are an employee of the property owners, and you exclusively manage their properties, if you're a resident manager, living in the building that is being managed, or if you are someone who manages properties owned by a single entity and have a direct ownership interest in it.

Like others have mentioned, there are definitely areas that make more sense than others depending on if you want to focus on cashflow or appreciation (just like with any investment).

This often leads to confusion because the term "trade or business" is mentioned, leading some to mistakenly believe that the entire business can be exchanged.