So are they proposing that the older, run down properties should be left to slumlords who want to just milk it for all it's worth? 

I have a lower paying job and make about 38000 a year driving milk truck and doing electric and plumbing repairs on buildings.

It will certainly skim a lot of margin players out of the game altogether - if you're making $100/unit and rates go up by a percent, and you can't raise rents correspondingly, you're breaking even or losing money (on future deals, not what you've got locked in). 

I would start looking at places just to get an idea of what's out there and milk the 1450$ / a month until I see a change starting to happen.

That will give you an idea of how much is being skimmed. 

Can city water fill a milk jug every 10 seconds?

So a guy like Will picks up a multi, holds it for a long period, then when he has milked all there is...or when the land and sqft value strikes above a level that it makes financial sense, he redevelops into condos for an 8 figure payday.

Oh no, the former guys screwed up the renovation, it's going to cost a mint to do it right, you're going to have to bring in special people to fix all the screw-ups...milk it for all it's worth.

I jumped in on the BRRR webinar last night and have briefly skimmed the blog and forum, but it seems most of the material is geared towards residential properties and tenants. 

I noticed your last posts' title was "Where is the good information" -- that'a  bit vague and is unlikely to attract people who might have otherwise answered while just skimming the forums.