It seems like a good strategy but would appreciate any advice and if anyone worked with banks/lenders that provide a service like that.Thank you in advance! 

Go to your bank and they can provide you with instructions.

If you can't get a bank to lend you money on a property, that might be a sign. 

Will it immediately move to full transaction price, or does this jurisdiction use some sort of flat percentage increase.You should know how frequently the property will be reassessed thereafter.

I am not sure the Tenant is so friendly, my property manager deals with them.If you have a PM, they should answer this question for you and handle the process.You should notify the PM and update your PM Agreement, W-9, banking information, etc.

Borrower Types: The Professional - HM Lender will cut sweet-heart deals to keep these borrowers around Experienced real estate investors Regularly engage in property transactions Typically have a track record of successful projects The Newbie - Charge Higher everything as the risk is higher as no experience Novice investors or first-time borrowers Limited experience in real estate Seeking to build their investment portfolio The Deadbeat - Only lend if the deal is so SWEET, they can't lose if they take the property from the Borrower Borrowers with poor credit history or financial difficulties High-risk borrowers May struggle to secure traditional financingThe lender will do an application on the deal/borrower and some standard docs they require are:Hard Money Application / ExperiencePurchase contractARV report – COMPS – See * Redfin*Pictures of Property – most people use Dropbox to shareProof of Funds – Down / Reserves (Bank Statements)Personal identification (ID or passport)But usually if the deal is sweet enough, they will do it anyway because if the deal goes south, there is so much equity/value in the property that the HM lender can't lose.

Bank with a 25% downpayment?  

Insurance, bank accounts, credit cards, etc.You are probably making your life more complicated and expensive than it needs to be.

Did they have bank statements showing utility payments for the rentals?

If you close towards the end of the year you will have to pony up more taxes because most jurisdictions have the tax bills due at the end of the year.