Need Expert Advice... Owner has been listing on personal return

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Hi all,

I'm in negotiations to purchase a small apartment in Hickory, NC.

After sending my offer, the owner's significant other has said there's an issue that she needs to discuss with her attorney.

He said that the "Main issue she has is the tax returns. She unfortunately doesn’t run it as a separate business and does it on her personal tax return. She can pull the expenses out the returns for apartments and list its income."

1. What impact is this going to have on buying the property?

2. This will make it harder for a buyer to qualify for a conventional loan, correct?

3. Will a bank lend on this?

4. Does this mean I'll need to buy the building with hard money or a master lease agreement?

Thank you!

Ben