Seller contracts are ..

Finally, your hunch is correct: when the syndication cycle closes, your past "free lunches" will have to be paid for, aka recapture.Here're some relevant posts from your favorite site:https://www.biggerpockets.com/forums/51/topics/839015-are-sy...https://www.biggerpockets.com/forums/51-tax-legal-issues-con...https://www.biggerpockets.com/blog/real-estate-professional-...  

BUT, refinance/heloc/2nd mortgage appraisals do not have a contract price to help target the value you are seeking. 

I think you're not adding in closing costs to the PP, due diligence/reports/legal?

In that case the rental contract spells out specifically the obligations of both parties.What I personally do with all my rentals is that I regard the rental agreement as a contract that both parties are obligated to fulfill.  

However, there was no contract. 

You’ve summed up all of our feelings since contracting with this group.

There are also home buyers who want to look in the area before they buy, home sellers who sold and have no place to go and want to look, contract workers in the area, construction workers, insurance displacement, and more.

Were these signed contracts that blew up at the closing table, or just offers that you thought were going to stick and never did?

But now that I've given notice that I'm switching this month, the old PM is outright refusing to send the ex-tenants to collections as they are "no longer under contract, our partnership is considered terminated and we are not able to represent you in any way."