Can you buy a fourplex with NO income and NO money down?

[Ellie Narie]

Let's say a friend is willing to sell you a fourplex for 80% of its value. Let's say you have no income and no money. You will owner occupy the fourplex. The other 3 units rent out for more than enough to cover the mortgage payment. In fact, I know that lenders use 75% of the projected rental income to qualify you for a loan. So, what if the 75% of the projected rental income is enough to make the full payment? And since your friend is pretty much "giving you" 20% equity, you don't really need a downpayment, right? 

So, in this situation, would you be able to get a mortgage loan with no income and no money down? 

If not, what if you have some little income, like $500-$1000 a month, would that make a difference?