Even if it was legal you run several risks.  1) You would permanently damage your reputation in an industry where reputation is vital to get deals.   2) You risk major tax implications related to large capital gains.  3) Comps are not solely based on on the units you want them to be based on.  4) Even if this hypothetical plan worked exactly as you laid out you would be extremely over leveraged and underwater on the other units as you pulled out falsely inflated equity. 

It is vital that you understand the tax sale process and the laws regarding tax sale.

On all 3 properties, I have manages the flip because of my background in residential construction, including performing all carpentry work myself while subbing out other facets (electrical, plumbing, etc...).

But if you are a "Cash Flow" investor, the Cap Rate is vital.

Whether it be blogging on a regular basis, cold calling, and/or preparing an array of marketing materials, staying on-top of these task and maintaining high output is vital for a few obvious reasons.

I am an experienced ICC Building Inspector and sometimes have to make a trip to the property to determine repair causes when its not clear or tenant photos won't do, but that extra trip and skill set has saved my owners thousands over the years.Just a few points - but take a good look at your leases - there may be significant "bucket holes" in your cash flow depending on how they are drafted.Finally, Steve Rozenberg from TX made some excellent points in his reply about running investments like a business and the 5 ways you can be making financial progress even if cash flow is not falling directly into your pockets each month (but I would want that to be the case) - if at least several of these 5 facets are not true for you, you may want to think about selling - but I would first improve things so your property performance looks better to diligent buyers.

It is the rare person that is responsible in all facets of their lives and gets an animal that will destroy your property.

The most common expensive things are water damage from washing machine hose breaks and leaks, facets that fail, clogged toilets flooding, sinks backing up and things like that.

Understanding costs, especially realistic rehab costs BEFORE you purchase is vital. 

Each is a vital component, and the three of you need to work through the roles first.