It definitely seems like you could make a killing there, but it's going to take much more up front cash then LTRs.

When the tax base disappears so do essential services.

I will have POA and will conduct a 80% cash out refi, which the loan proceeds will then be paid to the seller and the title would then finally be transferred to me. 

Most of the investors I work with are looking at doing a cash out refi every 2-5 years, depending on the market.  

They are lawyers so can appeal through the whole process essentially for free.

If they’re so hard pressed to preserve cash, why is the retreat in Puerto Rico?

Most reverse exchanges are done with cash from the client or a private loan of some sort from an individual or a portfolio bank.When your old property sells you will have that cash in your account to purchase the new property. 

This requires more than I can type here in this reply, but essentially there can be more moving parts unless you do it in a sequence.  

Also, what others have said, the personal touches on what is in your place (e.g. providing all the essentials instead of having people buy TP, coffee, shampoo, etc.) and the quality of those items (no tattered towels, stained sheets, etc.).  

One of those I bought on my own, but even with the other 8 I was still close to negative cash flow and they were all properties I bought for cash flow.