If you buy a property at a discount or you buy it an add value, add a unit, change it's use... then you can do a cash out refi and get most or all of your cash back out. 

The refinance part of BRRRR pays off the original money you owe on the house, if any (whether mortgage, hard money, private money), plus hopefully most or all of any cash you put into it. 

There also is a section in the PM contract about the "Entire and Binding Agreement" that says that "Parties agree that this Contract expresses the entire agreement between the parties, that there is no other agreement, oral/otherwise, modifying the terms and this Contract is binding on Parties and principals, heirs, personal representatives, successors, and assigns.

Many or all the the units may already have signed leases, but every time we purchase an apartment building we give every tenant a copy of our lease even if they don't sign it so the tenants know our House Rules, how we start the eviction process when their rent is late, who to contact when they have any issues, etc.When we purchase a property we always write a letter introducing ourselves.

No insulation in the walls (all the blown-in has settled to the bottom of your wall cavities)     4.)

If the system is looking at the same 100 properties as comps for both myself and the housing authority, my estimate might be based on the average for some or all of those properties, without regards to any amenities, but the housing authority's estimate is going to extract a narrower set of values, rendering a far more accurate estimate.

Normally as @Craig Yarnell said you finance one way to purchase the property and then after a period of "Seasoning" you refinance to get most or all of your money out. 

So going back to the example of a rental property held in a land trust, the beneficiary may receive some or all of the rental income, depending on the terms laid out by the grantor.As the grantor of a land trust, you can change its terms at any time.

If your new Primary Residence will be bought with a Conventional loan, you will MOST LIKELY only need a lease agreement from your departing residence in order to count rental income and offset some or all of the mortgage payment for that departing residence.

If you do it right, you can defer or offset most or all of your tax from a syndication.