And then using the net cash to go wherever they want every year on vacation. 

You could preform a cash out refinance, the lender would use some of the cash out proceeds to pay off the back taxes at the closing.  

Run the common rent comps and compare that to your PITI and overall costs to analyze cash flow.

@Alec Jacobs, If the electric dryer is on one units service the washing machine is as well.I'm assuming these are located in a commonly accessible location such as a shared basement.

Then we stayed in our fixer-upper, used HELOC to buy investment property cash, then get a cash-out mortgage and pay back HELOC once rented out with rental history to qualify, and do it again.

Purchase price: $485,000 Cash invested: $100,000 Originally on the market for $700,000.

Shellpoint has repeatedly cashed my checks (which were on time EVERY MONTH) and continues to fail to properly credit me (even though coupons were enclosed).

Are you cash flowing the property?

I think those that bought in the last few years for appreciation or with adjustable rate mortgages and had slimmer cash flow/margins are feeling the pinch a bit more.

My background is a flipper, so my campaigns are usually simple letters/postcards offering cash and a fast close.