My current strategy is to maximise equity over cash. 

if you don't, you could be way over and that will mess up your whole strategy of a positive cash flowing unit.

You also save $15 per week on gas ($720 per year) plus the commute time which is probably worth thousands.

There hasn't been this huge wave of foreclosures or short sales as people are hanging on, doing cash-in refi's or doing work outs with lenders.

However, it mainly depends on LTV, cash flow, and credit so it is hard to say without knowing the full details.

We have saved 2 houses thus far, just being prepared.   

john, The Refi is interesting,  cash out refis are harder then HELOCs. 

I saved $3,000!

Absolutely,I have a lot of clients working in Detroit and it has some great opportunities centered around 1-4 unit, affordable fixers that, with a little bit of work can become great cash flowing investments with lower annual tax and insurance costs.The downside is that you definitely have to know what you are doing as the good properties need some hefty work, and the market is pretty competitive.

My plan is to sell my current house which will give me around $300,000 and in the next 2 years me and my wife will save another $100,000 which come to the total of cash we have in hand is $400,000.