As a result, my profit decreased as buyers began negotiating for lower assignment fees, using the leverage they had developed.

Let me explain that better, imagine your rehab is $100k, you would need to do part of the rehab, maybe $10k, and then you can get the funds for those first $10k reimbursed so you can keep progressing with the rehab.Given your experience, I would recommend you start with a moderate or light rehab, mostly cosmetic work so that you can do it yourself and won't get your profit decreased by hiring third parties.

So, I believe some of the fundamentals of larger multifamily (increasing NOI via increasing revenues or decreasing expenses) are beneficial to smaller multifamily although the ultimate value is not determine by NOI, but by comps. 

If you are changing careers and your income will go down significantly (you said change, I implied decreasing), why not keep the money as a back up/emergency fund in case you need it?

Will there be a tax refund for decrease in value seeing the value was not realized?

I increase their ROI in the process and decrease risk/headaches. 

Do I have them put down the same amount or decreased amount since it is so far in the future?

Is the payoff on decreased maintenance/standardization of units worth the upfront cost.

Financial independence to me is being able to replace some of my current salary (unless I am able to house hack or have little to no mortgage costs) and that number would dramatically decrease.

Now, property values have dropped—almost to the point where the capital gain tax I avoided through the exchange is offset by the decreased value.Has anyone found an effective 1031 exchange strategy that allows you to take advantage of the tax benefits while still buying the replacement property at a good price?"