Prepaid rent sounds nice but it is not to be confused as a safety net. 

Be clear that they are to transfer all Tenant leases, payment ledgers, applications, move-in checklists, or any other documents in the Tenant file, spare keys, prepaid rent balances, and security deposits. 

This credit can be used towards paying for your closing costs and prepaid interest, which can save you a significant amount of money upfront.

The notice shall be personally delivered or sent by first-class mail, postage prepaid, to the person to be notified at her or his last known address and, if there is reason to believe that the notice sent to that address will not be received by that person, also delivered or sent to such other address, if any, known to the landlord where such person may reasonably be expected to receive the notice.

You may also want to factor in additional costs such as property taxes, insurance, and any pre-paid expenses.I hope this information helps you with your calculations.

This can be applied to closing costs, pre-paids, and fees.  

If you don’t get approved, banks will have something called prepaid credit, you deposit money and take credit for the same amounts.Getting a car loan helps greatly too.

Right now today they are pieces of paper with no value, they are not the equivalent of prepaid rent in the form of cash that is being held in escrow.

Still money that can be used for repairs.What can I do if my seller credit exceeds my closing costs & prepaids?

You probably won’t need to come to closing with any money (don’t forget closing costs and prepaid amounts). if you owe 80k, the property is worth 100k and you’re getting 75% LTV then you would need to come to closing with money. yes you can refinance into a 30 year loan. the loan process can take various forms. most likely you will be underwritten similarly to a regular purchase. i would plan to have all your documentation in order. let me know how else i can help.