In other words, even if you own 10 rentals, you are probably wealthy, but the bank my still own a majority % of those assets.
If you're highly levered (as a smaller landlord), and funneling that income into retirement accounts protected from creditors (varies by state for IRAs, 401ks are federally protected), it's all upside with no downside. Heads, you walk away with appreciated real estate you eventually cash out of. Tails, you walk away from your investment properties while your retirement assets are protected with credit blemishes that are quickly forgotten by lenders. It is rare to be pursued by lenders in recourse states, as being (mostly) judgement proof and the option of bankruptcy are significant hurdles.
By "stripping equity" do you mean taking out home equity loans whenever possible? Or are there other efficient ways to strip equity?
Once you have enough properties to bump up against Fannie or Freddie GSE underwriting guideline limits (~10 properties), you transition into commercial lending, where you build a relationship with a bank and they lend against your combined portfolio.
EDIT: You can find more information regarding these strategies at https://www.biggerpockets.com/