I understand that the ultimate goal is to accomplish a large enough gap between buying price + rehab costs vs ARV so I can pull out the initial cash that I invested in order to reinvest on another property. 

Communication chain has been strangely quiet after application and initial questions but seemed very excited.

So, we are not talking about a refinance, nor increases in cash flow/rents/additional incomes, etc. but the CSS being the vehicle allowing returning a large percentage of the initial investment.

When I initially looked into it, it seemed like it would not be cost effective for C class buildings without fancy key card access points, but maybe something has changed. 

Ideally, I would love to BRRRR a property, but am worried about finding hard money to initially make an all-cash offer on a place.

Here's my take based on what I've seen and experienced over the last 20 years.Sphere - most agents when they start out are told to do all kinds of things to initiate contacts that will lead to business, but are not told to reach out to their family, friends, colleagues, community group members, etc.I totally understand we don't want to bug these people and an agent will usually say 'none of them want to buy or sell right now' but that is totally not the point, and it's an enormous loss of potential business.

The lender MIGHT use the initial value though...and if that is the case then you would need to pay for a new appraisal to validate that you have 20% equity. 

I invested initially for cash flow only, but over the last 12 years, what I realized is that the main financial gain is from appreciation, not from cash flow.

I understand that the ultimate goal is to accomplish a large enough gap between buying price + rehab costs vs ARV so I can pull out the initial cash that I invested in order to reinvest on another property.

The initial intent with this property was to buy and rent out until initial lease ended, rehab, and refinance to pull money out.