Plus if I borrow against and move that money elsewhere, the limit would be value minus dept.

This is standard IRS practice and means that when your management company receives money, it's considered as though you, the client, have received it, even though it hasn't been sent to you yet.

It's going to be a money soak and large loss because it seems like the principal wants to outsource eyes, ears, and skills and is willing to pay someone else to bring their own people which costs 2-4x as much as having some of your subs and eyes on the job.If I had other pressing business concerns, I would sell all of the properties in a portfolio sale, bank the money and repurpose it, and let someone else do it all.

I actually track my net worth on the Rocket Money app.

It would be nice if I could buy 1 or 2 then refinance them immediately to get my money back out. 

Low rates made some people a lot of money but also now that rates have normalized many are getting crushed in some investments.Right now rates need to stay near where they are and government needs to slow the printing press

I have been saving money for a long time and looking to finally make the jump and purchase an investment property.Im focused on building wealth in my property, renovating it, and keeping it for the long term.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Compare that to a deal with negative cash flow with no guarantee that you will make money from appreciation.

So basically what appears to be going on in commercial real estate is if two identical offices are leased for different amount of money they have different market value.