But the reality of success is that it built upon years of hard work especially in real estate. 

I can sell the property outright to a new buyer Refinance the property and take out some equity (this option wouldn't be a reality for a while longer) Potentially flip the contract to a new buyer that would have to agree to the current terms of my note (10yr 4.5% 5yr 5k baloon)Regardless I would like to take some equity out or exit entirely to reinvest capital elsewhere.Any suggestions? 

But in reality $390k is only about 93% of the appraised value of $420k (before my upgrades).

The reality is that right now its tremendously competitive and unless you create your own marketing or have a system to cold call or door knock that works it is unlikely you will be able to find something with enough meat in the bone.

At times that IS the agent or seller's intention, but one of the other affects of a call for Best and Highest offers is that when multiple offers are received (especially in the first few days on market) the listing agent will look at the number of showings scheduled on the home or the number of agents who have reached out to let them know that "an offer is coming, just need some time" and will call for Best and Highest in order to give everyone a shot at offering.In reality B&H allows ALL offeror to go into the offer eyes wide open, aware that it is a competitive situation (duh, right? 

When you look at reality they don't make sense.How much would a property have sold for 35 years ago? 

But the reality is there are plenty of 203k experienced lenders, contractors, realtors, and consultants out there that will be able to help you. 

In reality - she's a super busy person and I know I could truly add value to her life by finding a buyer for her and negotiating a higher sale price for her home.

But in reality it's probably closer to 0%, since most mom-and-pop's don't increase the rent, until the current tenant moves out.

In reality, you want more than 16% discount yourself, so you're already second in line behind the Realtor as preferred buyer.