This is not to say you can not be eligible for FHA, VA(ex-military).

Ensure you can pay taxes, insurance, property management, save for vacancy, save for repairs and cap ex, but then put everything else into the principal and interest payments. 

I have not invested in a multifamily deal (yet), but I have been in the educational phase for a while before I pull the trigger w/ a few ex-teammates I played ball with.

Your vacancy, cap ex, and repairs look a little low.  

Hello BP - I am planning to open an Operating, a Security Deposit and a Cap Ex/Reserve business bank accounts to manage my first multifamily rental.

The kitchen/dining room would have a door.I would relocate a door in the garage so that if I entered through the garage, I could still go upstairs without seeing the tenants and make a wall so that tenants couldn't go upstairs.The wall to wall carpet is in great condition but i guess I could take it out and put hardwood when the carpet gets old.I'm guessing the rennovation would probably cost around $30k.My current mortgage is 2800 and I owe about $500k but I need to buy my Ex out.1000sqft homes/apartments that are 2/1 in my area rent for about $3200/monthI could rent the top floor for maybe $3700/month (property manager rents my next door neighbors entire house with similar floor plan for $4500) How can I get financing toa. creatively buy my ex out (maybe pay her out in payments with low interest?).  

The owner on title was deceased which led me to speaking with the owner’s ex-wife and two grown children.

Its like a crazy ex gf..

I wouldn't rent to someone that is short of my monthly income requirement UNLESS there were sufficient compensating factors that would mitigate my risk (ex. co-signer).

What the family is worried about is if I ask him, he'll know His ex wife is selling the house, tell somebody on the outside and then something bad will happen.