no it is not illegal, but in most cases the legally binding lease will still be in affect. 

How much cash you can take out will depend on a few things:Income on the property - if the property is not a source of stable cash-flow, that would be the biggest issue.Strength of the leases - who are the retail tenants?

Couple items.1.)

The way I explain is that lower-case-t 'turnkey' just means a property is tenant-ready, doesn't need any work, can be leased and cash flowing today.

Just like a reverse exchange but instead of the QI purchasing the new property and holding it until your construction was complete we lease your property from you on a 30 + year lease and improve the property and 1031 by purchasing the leasehold from us.There was a private letter ruling that indicated this was ok a few years ago but recently some new clarifications seem to put it in jeopardy.  

Im trying to work hard to get the credit the best i can like leasing a car and use a credit card.

If you are buying a home with an FHA loan and someone is already renting the home with a lease in place, then you are still obligated to move in according to the loan.

@Kyle Jones I've done 20% as long as it's currently leased.

However, when we asked the PMC to get them to sign the lease the tenant refused.

What are some specific structures regarding this built into a lease that may not otherwise be utilized regarding a traditional rental?