Despite not full achieving my initial goal to cash-out refinance and eliminate PMI, I consider this deal a great success and will diligently save and re-invest the significant cash flow from the property until my equity position increases to the point where a cash-out refinance will work.

I was not bale to achieve my desired valuation, as the surrounding market just does not support it here in Joliet.

I still live there and rent out the other side, but I got hooked on RE and the income I could achieve. 

But you will get solid guidance on what is a realistic cap rate based on comparables, and what are really achievable market rents. 

I would guess some type of legal action would be necessary to achieve this.How would you suggest I go about this situation?

Any idea of what achievable rents could be for 2 bed/2bath townhomes/SFR?  

Since I am a CASH FLOW investor I use small multi-family properties to achieve my GOAL and WHY!  

But the reality seeps in and I can't help but feel afraid that achieving my goal this year will be nearly impossible. 

Best of luck, I hope you profit enough to achieve your goal of paying for your kids college. 

However I think this could be achieved more efficiently by utilizing facebook or Craigslist in your local market.