Just remember: most negative reviews are written by problematic tenants.

That's because it is a lot of work scanning and attaching each tenant's lease.Best, it will include a statement the tenant will release the old landlord from security deposit refund liability when the sale goes through, and look only to the new owner for any refund.Ideally, sellers should be required to counter-sign each letter, confirming the accuracy of the contents.Exact wording of the letters, timing of when presented to tenants, and consequences to the sale itself if some letters are missing or contain negative reports, are all deal-specific.Where does the "estoppel" come in?

We've owned them for 20-plus years but the recent property tax increases have negatively impacted our cash flow as have major repairs such as roof replacements, AC units, etc.

Chances are you may show a negative cash flow which is throwing you off.

Just remember: most negative reviews are written by problematic tenants.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Agreed, and in many cases, insurance is destroying cash flow if not pushing it into negative territory. 

Granted it is unlikely to result in a home run, but it also is less likely to fail big and negatively affect prospects for years. 

Would this large amount not negate any potential savings you would have over the course of the next few years?

If I take out $200k, that property  will have a negative cash flow of $500, but the overall portfolio will still cash flow positive and I’ll have capital for another purchase.