It can get really sticky, cause frustration and ruin a friendship if expectations aren't set up front.

Based on the above is my understanding correct and the 45 day identification period and 180 replacement property purchase period (which includes the 45 days) both extended?

I believe that the Federal Reserve is going to cut rates by 25-50 bps at it's September meeting (no emergency cut), but that 30-year fixed rate mortgage rates will rise to upper 6s low 7s around the same time, and Commercial borrowing rates, including for multifamily, will increase as well. 

After the tenant moves out, we send someone to inspect the property for any damages, including furnishings like a broken vase.

The loans are fixed rate programs, and the additional renovation financing is included into the one loan.

@Nathan Frost typical for Detroit, that's why we offer our clients several security options, including removing & storing mechanicals when vacant and then reinstalling day tenant moves in.What makes you think the seller will install new mechanicals?

It would be nice to start a group which meets with regular cadence so that attendees could plan to include it in their schedules.

You may need to disclose that you repaired this to buyers and want to include more detailed information about what was done.

However, the price would include the 7 duplexes, 2500 sqft Single family, and an additional 3.5 acres of vacant land attached, all located less than 1 mile from High Point University.

Yes - you should budget all the associated "costs" with the rehab including renovation costs, holding costs, selling costs, etc.