It affects tax treatment since you may not be able to use depreciation and have to treat the gains at a higher tax rate.In the simplest terms, did you buy it solely with the intent of selling at a higher price and that is the only way you'll make money (i.e. no rent collections)?

I started years ago working in the collection department of a large finance company and people has a variety of reasons of not wanting to be found, makes deals, and sell property.

For example, things like: how far behind (how much $) their tenant is behind on rent, likelihood the tenant would ever be able to catch up on their own (without assistance), whether the tenant is collectible should the landlord decide not to pursue assistance and go after a judgment in small claims court instead (some tenants are judgment-proof so the assistance may be a better option), ability of the landlord to weather the storm (do they have a lot of reserves or are they about to lose the property), willingness of the tenant to cooperate in the process (you need the tenant's cooperation for this to work), etc. 

Language from my lease:ATTORNEY/COLLECTION FEES: In the event that legal action must be taken against Tenant to enforce any part of this Lease or applicable laws, Landlord shall be entitled to its recover costs and reasonable attorneys' fees incurred in connection therewith.

I'd like to keep buying in this particular market, because I have a great deal going with my agent and they cash flow well.My question is, do I keep them paid off, and collect straight cashflow, with a lower ROI, or do I refinance, pull out the cash ($120,000 each), which is about 25-30% of the value. 

I would also suggest that your property manager collect one single check for their rent each month and that their security deposits are not split up. 

Rent some rooms out and collect that money!

You will need to create a business entity based on your collective goals and business structure. 

Don't get into full rehab, get a house that kinda make sense, doesn't have to be perfect deal, start collecting bids, making mistakes, learn and move on to next one. 

Most of the big companies will collect a monthly fee from you if your license is active.