I just did a single family residence deal there earlier this year but it was a 1 unit so loan limits are 554,300 as opposed to yours which is $709,600 so it looks like your loan amount is below that which may help you get financing if you're considering a refinance.FHA allows a cash out to 85% of current market value so if you believe you're at 603,000 loan amount then you'd need a min appraisal of 709k or so to refinance this home into a conventional loan if you're trying to remove mortgage insurance.There are lines of credit to 89.90% or 90% of your homes value if you're interested in having access to your equity (if the property appraises high enough).To address your questions:1) If it appraises high enough yes you can remove monthly MI and you can use a line of credit 2nd to access your equity (this would be your best bet).

Yes, you will have a higher interest rate but you have to look at what it is going to cost you: If the higher rate is going to cost you an extra, say, $30/mo and your closing costs are, say, $6k, you are betting that you are going to keep that loan for over sixteen years. $6k/$30=200 then 200/12=16.66(yrs).  

Vetted the prospect thoroughly and thought it a sure bet.

That would be your best bet.  

- I was a sucker for every crazy program that was offered.

I would bet you could find a pretty solid one online.

I agree the neighborhood is a bit rough, but my bet is that it will be lot better few years from now..Rodent control seems an ongoing issue..

I bet you are proud of your achievement.Several pieces of info you have not shared with the community.

I'd say that a face to face meeting with a local attorney, ideally one who also invests would be your best bet..

:Expense, Income, and Appreciation Rates = 1% (I prefer to not bet on any of these.