I’m trying to update that 70’s house and it needs interior painting. One wall has several embedded molly fasteners in the sheetrock. Any ideas on pulling these out without making a major hole in the wall?
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Don't pull them out. Remove the bolt and then smack the anchor with a hammer to set it just below the surface of the drywall. You can then run some spackle or joint compound right over it and no one will ever kow it was there.
if it is the screw in wing type metal anchor, you can turn the machine screw to tighten it into the paper facing before you twist that sreww oput and spackle.
If it is a plastic one, you might be able to grab it with pliers and pull it out once the screw is out, or you can use an awl to push it all the way through.
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Slowp, I have a variation on the hammer setting I always use a ball pein hammer to set the molly bolt just below the surface. Just hold ball part of the hammer aginst the molly and tap with another hammer it seems to set the molly with less damage to the drywall. Mike