Yes, that makes perfect sense, especially in such a large transaction to find the replacement property.

Am i the only one that sees this as having negative cash flow (not cash flowing)?  

Don't invest in a market if you can't find a quality PM!

One thing I’m trying to figure out is how to find good locations where property prices are relatively low, but rental demand is high.How do you identify these areas?

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

if the second buyer is paying cash then your done they pay your off and your first note.. off to the next one..

You’re not going to find a safe way to do what you want unless you or the “buyer” has enough cash to pay off the note. 

Most of the buyers are just regular folks looking for a home, so they are not at all thinking about cap rates. 

I know when I was an active Broker my SOP  was get listing open escrow with buyer to be determined and order the preliminary title report prior to spending money on marketing someones property..

Find your cash buyers via propstream, batch leads etc.