A house hack where I live in one unit and rent out the other.

Or you could not take a commission and leave that in the 1031 exchange where it will be tax deferred. 

I'd like to rent the property out for a few years, see where interest rates are at the end of the balloon, and decide whether to refinance in order to keep it or sell it. 

I have a good friend to whom I'd like to give some good advice.He was recently let go from a job (of 25 years) where he made $50,000 and had the exclusive use of a nice house.

Where is your new construction house located? 

Even worse, they may have bought at a significantly lower price to the point where you'd be negative cash flowing if you made the same gross revenue.When you do find people that are able to help, you've gotta ask for actual numbers that you can underwrite with.

Yet I know another builder where they are more flexible because the homes aren't flying off the shelves.

That's where you'll find spreadsheets designed by the community members to share. 

I’m happy to help out where I can!

Specifically houses and something within 1 hour of where I’m at, but no Detroit.