Brand new 4 plex financing

[Eric Bilderback]

I would like to partner a friend and an acquaintance that owns land we can put a fourplex on.  It appears that I can get the loan to build with him (since he owns the land outright).  After it is constructed I would like to get the land owner out of it and finance the place with my friend using a 30 fixed mortgage.  My concerns are I have business and rental income and no conventional W-2 income.  Is there anyway to know how much the bank will finance?  I have not done my taxes yet but I plan to have an AGi of 50k-60k.  I have excellent credit.  My buddy probably makes a little more but his credit is not a good like the 600-650.  I do have some built up equity in an apartment complex I could tap into if need be.

-Example if I am 650k into this thing (including land) and it appraises for 750k can I use the equity as part of my downpayment?  

-Say I have the place built and rented out buy mid September.  On October 1st can I use the rents coming in as income for financing purposes?  Comparable rents for this place a 1300-1500 per unit.

-My friend who is a contractor says we can get the place appraised before you start by using your building plans and the land and the bank will make a decision on that.  That would be great but this is not a primary residence so I think that banks are going to be pretty tough on me.  

The cost of the building I am confident will not be over 525k (including permits and the land will be at 125k.  So I am going to plan for 675k.

I am prepared to come up with 25% down if need be but am hoping I can get some of that in in built in equity I can tap in to.

Thank you for any advice and comments,