Tri-plex purchase questions

[Andrew Wilkins]

My wife and I found a property we want to buy yesterday. We are planning on going to view it formally tomorrow. We did drive by the neighborhood to check it out, it's definitely a low income area but has potential. The Tri-plex is a 2-1, 1-1 and studio set up. Market rents here is about 1100-1200 for a 2-1, 1k for a 1-1, and 800 for a studio. We have a SFH that we've been house hacking in and has appreciated by about 70k already. Our plan is to take a hard money loan for the tri-plex, pay off all our CC debt (about 30k, yes we were stupid in the past but we have learned better) and have about 30k left for a down payment for a mortgage to replace the hard money loan. The tri-plex is a cash only sell. We are planning on living in the 1-1 unit for a year then move in with my wife's mother to support her in her old age. Cashflow will be very low for the first year, but will cover expenses, then will be about 700-800 per month moving forward.

Is this strategy viable? How difficult will it be to get the deal funded through hard/private lending. Do yall think the mortgage process will be difficult? Any pitfalls to watch out for? any advice welcome and thank you in advance.