You will have a difficult time operating the properties and will most likely fail to sell the property for anywhere close to the appraisal that was relied upon for the refinance.

A hard money lender who does NOT require a "subject to" appraisal  (which is an appraisal done with your scope of work in hand, and the appraiser gives you the after repair value) is 100% NOT doing you a favor. at all.

A recent appraisal (September 2024) valued the property at $9,400,000. 

I've also read conflicting advice on valuing a buyout amount, if you take the net proceeds of a sale and split it in half or if you pay half of the appraised value minus the mortgage debt. 

They will have those assets locked down so you can’t use them for about 2 years until you can get an appraisal to release them with your new equity.I would stay away from relatives funding.  

I am also an appraiser that works with local and out of state investors make connections with local investor friendly lenders and property managers.

I presume I could still write in loan amounts while waiving loan and appraisal contingency.

But you need to learn all about landlord/tenant laws, how to do basic repairs, know what average labor and material costs are for common projects. learn about payment systems, how to interview property managers, tenants and handyman services, build a team of realtors, contractors, title, hard/private money lenders, inspectors, appraisers and soooo much more. 

Also, you will be able to use 75% of the rent as assigned by the appraiser on the house you are buying as well. 

You can take 80% of the new appraised value with an FHA cash out refinance.You likely do not want to do an FHA cash out refinance as you are looking to move to your next project.