Try to house hack a triplex or four plex using FHA financing, max out your seller's concessions and rent pro-rations should get you as minimal of a down payment as possible!

Tenants will stay or go regardless of the lease but with M2M the landlord controls if they must go.A term lease assumes a tenant will be good, that is not rational and counter to good business planning.

Simply follow a rational process.

Go to Zillow and type in a search of other like properties in the same area (within 1 mile radius...and in the SAME CITY) and within 10% above/below the as your property's sq ftg...within the last 6 months to get your property value....and no rationalization of that number if you don't like what it says.The market dictates the value of the property...the current market, as in current sales comps...and really nothing else does.  

Then at the closing the tax free cash from the primary residence allocation goes to you and the remaining proceeds go into your 1031 exchange.There is no fixed formula other than that it must be rational and make sense.  

posters are spewing political opinions disguised as rational economic discourse.  

In a rational market, the value is the last purchase price.Here in Calif, by law the purchase price is the appraisal value, but the tax rate on that value changes.When buying insurance, I always get the Guaranteed Replacement Value, which will track the appreciated value of the property.

I believe you will have to qualify for the new higher loan amount.This loan and a refinance does affect your buying power it is referred to debt to income ration which financial institutions consider when giving out loans.  

An expense ration of under 20% (12/62) is virtually unheard of even for new construction.- I do not see any expenses for property taxes listed.- Again, because the time period of the expenses is unclear the insurance is suspect. $4,760 / 24 is a bit less then $200 per unit.

From an investors perspective, this isn't a rational decision.