6 unit - First commercial property help

[Jason Bilbrey]

I'm looking at a deal on a 6 unit (2 bedroom 1 bath x 6). The current owner is only renting 5 of the 6 units, and the 6th unit has a live in handyman who doesn't pay rent and works for "free". Current gross rent is $3435 plus $150 per month from coin operated laundry machines for the tenants. Monthly expenses are approximately $3270.20 and the monthly cash flow is $314.80.

The 6th unit needs some minor refurbishing (estimate $5k) and my plan would be to do that and then immediately rent the 6th unit (letting go the live in handyman) and use a property management company (9% management fees) to manage the place. Rent from the 6th unit would be $725 bringing total gross rent and other income to $4310. As the leases expire, based on my research with Rentometer and other review of the area I should be able to get all rents to $750 per unit within 1-2 years bringing total gross income to $4650.

Current asking price is $385k, and I have approval if I can raise the 25% initial capital ($96.25k). I don't have all of that, closer to just $25k

Here are my questions since this is my first commercial deal:

1) How do the numbers look? Is this a solid first commercial property?

2) How likely is a bank going to be to refi a commercial loan shortly (1-2 months) after I refurb and get the 6th unit rented? I think that by immediately gaining $725 of additional income it should force appreciation of the property and I might be able to pull around $75-80k out (leaving me with less than $22k of my own money in the property). I have no real world experience with commercial property though to know if a bank will realistically allow me to refinance that quickly and pull out "appreciation"... Is this feasible or totally unrealistic? Or might I have to wait longer than 2 months to refinance because the bank will want to see a longer duration of increased income?

3) Any advice or other factors I should be considering for this property? 

4) Regarding financing? Since I need to raise $70-75k of the down payment, how have others convinced an investor/partner to put up 2/3rds of the capital and not had to give up 2/3rds of the cashflow?