This was simply a cash out refi endeavor.

Lease simply not renewed?

-if prices do not rebound we will need a plan beyond that and it will not be pretty-this can and will hit the rental market in a variety of ways and here are a few potential issues i see.1. higher end rentals could see prices drop or vacancies increase as this type of downturn could hit middle to upper income families that have not budgeted or who see their jobs or incomes decrease as companies tighten their belts and cut salaries or even lay off more folks.2. low income rentals would see more evictions and more late rent payments and potentially small decreases in price - while many of the low income families in town do not work for the oil and gas industry they do often work in service industries that are frequented by oil and gas folks or depend on programs that are subsidized by oil and gas money in our state budget. 3. property prices and values - prices are being driven up on investment properties mostly by out of state investors as there are very few areas where you can get a "decent" property for under 100k and we are still one of them. 

Is there a reason they can't simply put a 24-hour notice (or whatever notice is required) on the door that a showing will be occurring on X date at Y time? 

In many markets SFR simply won't cash flow.

If you told a lender the investment home you were buying was going to be your primary residence and simply didnt move in afterward, what could they do?

And only if your lucky, will the window have simply been installed crooked or has settled and the rough framing will accommodate the the realignment.

IE opening bid 100 to 200k.. most investors in those areas simply wont bid on properties that high.. they all want the sub 70k ones or so.. whereas us west coast foreclsoure buyers at least in WA OR CA starting bids are rarely under 200k..   

Or, do we wait this out & simply refinance?  

It simply isn't income, so there is no income tax on the proceeds of a refinance. 2) Is the interest on a refi tax deductible?