Need advice on 2 possible lending scenarios for 2-4 unit property

[Patrick Mulligan]

Hello,

I have 2 scenario's I need advice/guidance on regarding financing a 2-4 unit income property. Thanks in advance!

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Scenario #1: 65 y/o retiree. Owns a single family property with FMV of $600,000, totally paid off. Has a $80,000 HELOC on the property but otherwise no debt at all...not even credit card, FICO probably in the 700's. Brings in $20,000 year in after tax benefits, no other income.

Would like to pick up a 2-4 unit property to supplement yearly income. Looking at properties in the $275k-$300k range. She will continue to live in the single family (so non-owner occupied). 

What would be the best way for them to obtain financing for this and is it possible?

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Scenario #2: 32 y/o, looking to pick up 2-4 unit income property. FICO of 800+, no debt aside from student loans. No real expenses (i.e., no rent, no car payment, etc.) Was sick throughout 2013 (did not work) and part of 2014 (worked part time). Income for 2014 was $24,000 due to illness and part time work. Has been working full time in 2015 and is on track for income of $170,000 between self employment and real estate investment profits, thats doing nothing else the rest of the year.

What would be the best way for them to obtain financing for either a non-owner occupied 2-4 unit income property in the $300k range OR an owner occupied duplex in the $600k range, and is it possible?  In this scenario would getting something purchased utilizing hard money, and then trying to refi out make sense? is it easier to refi out than obtain initial financing on an income property?