If you have assets, gone are the days a simple will is sufficient. 

After two years or once you can show sufficient income, you can refinance and take them off the mortgage

In my experience most of the time, unless the basement is large and sufficient windows can be added, it's not worth the conversion.  

I want to tap into my equity again to purchase a multifamily unit, but I don't want the house with sufficient amount of equity to become an upside down mortgage.

You are correct - conventional agency financing will not be available, at least not for the vast majority (buyers should be able to refi into them after I sell off enough units).

I was wondering earlier, if a BPO at or below $75K would be sufficient to establish the estate as a 'small estate,' making the Summary Administration possible, and hopefully avoiding a long probate.  

A bank statement is usually sufficient. 

Unfortunately he quit his job and his most recent payment bounced due to "Not Sufficient Funds". 

I would appreciate the opinions from both other experienced syndicators as well as LP's, accredited and sophisticated on the pros and cons on the two main securities exemptions for syndications, 506(b) and 506(c).Gray Capital is considering whether to make the switch to using the 506(c) securities exemptions after using the 506(b) exemptions for the vast majority of our syndicated multifamily deals, although we have co-sponsored several 506(c) offerings. 

With the market like it is, can beach rentals still provide sufficient cash flow?