I am a rental property investor but i hate making things complex and the last thing i wanted to do was create a separate bank account for each property..yikes.

Apparently this is not offered by most major banks.

This is correct, but that .5% is IN ADDITION to all the other closing costs associated with a refinance (Title/Escrow Fees, prepaids, and depending on the bank, Underwriting / processor costs) - so in reality it can be a little more expensive to refinance with IRRRLs.

The last forecasts I have seen from major banks and the MBA are still expecting rates in the 5.9%-ish range for spring 2025 (Q2) and that does not make any sense to me given what I see.

Yes, most large traditional lenders only focus on 1-4 units and other properties that fit into a box. 

As the owner of the property that is being severely mismanaged, do I have the ability to move the money directly to my bank through government action?

Apparently this is not offered by most major banks.

I'm curious about what bank is the best bank to do a cashout refinance with.

Much of my career was focused on REO properties, during which I ran a parallel small business that handled property inspections and performed BPOs for banks.

We syndicated 75%, plus costs of the purchase price and financed the balance with a traditional loan.We shopped around for weeks to find the perfect loan with the best rates and terms.