And a salesperson who doesn't want to sell is going to have a tough time. 

Multifamily is a tough business when it comes to sharing commissions.

I can answer the “knock down” portion...I was quoted $10,000 to knock down a 3500 square foot wood-frame house and dispose of the materials.  

If you run into a tough patch you have the freedom to scale back to the scheduled 30 year payments.

How tough are y'all non guests that leave the home a bit of a mess? 

In Michigan, any work over $600 material and labor requires a permit by state law. 

@Bjorn Ahlblad we’re also looking forward to the buying opportunities should they materialize... but I can say that we’ve felt the softening of home prices here in Dallas over the last 6 months, and it’s not just the high-end stuff.

NJ is a very tough place to loan money from the lender side of things.. foreclosure time lines are for ever.so I don't think your being realistic on what you expect.. but I know Patch of land has done a ton of NJ loans. you can go direct.you need more than 20% cash into the deal.. in most instances in a state that is so tough to work in.credit while important is not the main driver in HML.  

It sounds like you are in a tough situation but the good thing is you have equity.Refinance into a hard money loan means you will have a higher interest payment which will increase your payment now.

Hello Bigger Pockets community, My name is Jeff and I am currently living in and looking to invest in the greater Boise Idaho area, although it would seem to be a tough time to make good profit margins with the market the way it is in this area.