It will be helpful if you get that lease resigned before approaching the bank.  

Also, @Jamie Banks has this stuff down to a science as well.

My assumption is that when negotiating the purchase of the property I would have to pay off the mortgage, or would I be able to Pay off the taxes and maybe provide the current owner with some cash and then work with the bank on the mortgage?

My bank will not do HELOC on properties i do not occupy, but will do it if the water or other utilities are in my name.

@Rene Hosman with Stessa I was able to connect my banking activity and import all the transaction.

Except the bank, they loose, because now your partners and you are getting what $ they would have sucked out of it. 

You actually end up making the tenants utility bill go down while you pay what the difference is had there not been panels; to a bank.

Live in new home while it appreciates for 10 years until I get a faculty housing spot, sell private market house, put proceeds (minus downpayment) in bank for retirement (I estimate this will be 1.3 mil before capital gains and real estate fees based on 7% growth in a very desirable Southern California location), and take out new loan for lower cost faculty housing.

These loans often have more straightforward qualification requirements for investors with multiple properties but may have slightly higher rates.Cash-Out Refinance on Your Single-Family Rentals: If each has around $70k in equity, a cash-out refinance could provide some capital for the down payment, renovation costs, or even help you buy the 4-plex outright.FHA 203(k) or Conventional rehab loan: If you’re planning to occupy one of the units as a primary, FHA’s 203(k) loan or a conventional renovation loan could help with purchase and rehab costs at lower interest ratesPortfolio Loan: Some local banks may offer portfolio loans for investors with multiple properties.

Banks ask for larger down payments to shift risk to the buyer/borrower in default.