Has anyone used or know of a similar system for multi-member LLC's? 

Growing massively! 

Investors thought they could extend their debt, but that doesn't appear to be the case with what has happened to rates.This cycle would have been a disaster if our banking system was in the same situation as 08. 

It was a time period marked by social upheaval, political instability, the collapse of the feudal system and near-constant military conflict. 

The #1 way real estate investors defer taxes to later dates is with a system called depreciation and bonus depreciation.Depreciation is the act of slowly, over time, deducting the initial expense of an asset against your taxable income.Generally over a 27.5 (residential) or 39 (commercial) yr time frame.So each year you can write off a few percent of the purchase price against your income. 

However, they no longer have the property in their system due to release of mortgage.Any options when the bank owns the property? 

Instead, focus on improving your skillset, helping more clients at a high level and implementing systems in your business.

Better to keep it in the tax advantaged system as its pretty hard to get the money in there in the first place. 

Once you're ready for the next purchase, you will have more experience, systems, and the confidence to tackle a bigger project.

I could see a value-play here for monthly financial reporting, if not handled directly through PM systems.