The valuation methods are:  Actual Cash Value, Functional Replacement Cost , Replacement Cost .

There may be a commission involved, but at least you'll have the right audience of buyers. 

It gets a little involved and believe others may do it differently.

I do my own estimate based on J Scott’s method, along with having my GC walk the property with me.  

The properties are owned by our LLC.Assuming nothing changes from the current tax perspective, what is the "smartest" tax-efficient method of getting this equity out of our investments:1) Cash out refi $1.6m (80% LTV of all the assets) and invest that money in a more liquid (albeit lower return) investment vehicle?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Any thoughts on getting eyes on this property from several contractors without getting PM's involved- or do I just need to get a property manager that is willing to put a lock box on without signing a contract with us.

Would you suggest any other tactics that involve buying but not completely in cash?

I currently do the majority of the advertising, but that will change once I figure out the best methods.

You could sue for specific performance if the seller violates the contract, but as @Jay Hinrichs stated, it could be costly to get courts and lawyers involved.