We are afraid that if hold on to the property that the market will eventually decrease and we will lose an opportunity to sell in this crazy market. 

We opted to get a lawyer because we were fearful there was a reason for the crickets and didn't want to lose our earnest money.

Many of them are going to lose it all.

You will lose a few months of rent and have to pay to turnover the apartment.However, after 6 months when you have the 4-units straightened out you will be in great shape. 

I know the market is at a high right now and am worried that if I want to sell it in 3-7 I will have a very hard time selling it and even lose money (just comparing the buy to the sell).P.s. this will be my first rental property and just want some words of advice. 

For example"The mortgage on the home is $100,000.The seller has paid $20,000 of it down.The remaining mortgage value is $80,000.I assume the $80,000 mortgage.Does the seller lose the $20,000?

(Vacant property insurance.)5) don’t forget you could end up losing the owner occupant capital gains tax savings on your current property if it becomes your non-owner occupant property.

If we factor in the lower interest rate and losing the mortgage insurance, even with the higher mortgage amount, the monthly payment itself for the house and escrow should only increase by about $40-$50 a month!

You risk losing your protection if you do. 

You have $100-250k in equity, around 35%, just losing you money by the minute.