first deal fourplex questions

[Kenneth Williams]

So I'm currently in the process of purchasing my first deal! A fourplex here in San Antonio for $108K (Owner wants of the rental game). My intentions are to perform the Brrr strategy so I will also be borrowing an additional $12K for light based cosmetic rehab to each unit. Bringing my HML to a total of $120K. The property is fully occupied and grossing $2400 per month. Current owner pays water and each tenant pays their own electrical. After visiting the property and talking with two of the tenants I would probably classify the property as being "C" or just very low income area. From what I've been reading on the forum there is a difference between the two. All in all I'm fine with the area. I grew up in similar environments so I get it. I work full time for Uncle Sam so I will definitely need property management. With that being said a few things I'm unsure about...

My HML will be dependent on the appraisal next week. I need the ARV to come in around $170K. The wholesaler insist that the property would easily come in around $190K. Thing is there aren't any other multi family properties in the area to compare it to. How will this decision be made? Will the cash flow be taking in to account? I looked the property up on AgentPro247 and its accessed around $80K which seems extremely low in my opinion.

I think the current tenants are on a year long lease. How does one go about doing a small cosmetic rehab (paint walls and cabinets, new vinyl floors) if the tenants are still occupying the unit?

From what the tenants told me the current owner has been somewhat of a friend to them. Accepting cash payments monthly. These are not exactly the type of folks who I imagine have a checking account at the local credit union. No judgement but what are my options here? Is there some alternative being used for individuals in these types of neighborhoods who have bank accounts?

In the back of the fourplex there is what appears to be a mini storage house. One of the tenants mentioned how they have to travel extremely far on the bus for the closest laundry mat. Would it be worth it to put some sort of laundry system on site? What would be the best route to go? Coin machines? Purchase a couple of scratch and dent units and a flat fee of $50 to the rents? Or just leave well enough alone?

What type of Insurance do I need to be looking at getting?

Obviously I am gonna want out of my hard money loan asap. I spoke with Navy Federal Credit Union and they said there is no seasoning period for refinancing (although the young lady didn't seem to be all that knowledgable). So essentially I could start the pre approval processes now for the Refi and maybe only have carry the HML for a month or so?

Once the Refi is complete at what point can I tap into the equity? Cash out Refi is a no go in Texas from what I understand, so I would be applying for a HELOC.

What contingencies should be included in the contract offer?

Thanks in advance!