I think the most under looked value, is honesty.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I was under the assumption I could pull a $100K+/- HELOC out on my current rental, and show the lender I will be using that as the down payment for the 6 plex.

I know what the rents should be for each of the units (2 vacant and 1 significantly under market), the taxes are listed on the MLS, I’m familiar with the water/sewer costs in close proximity to this building, and I know what percentage to use for my Vacancy, CapEx, and repairs and maintenance based on my knowledge of the local market.

They noted debt is under debt consolidation and willing to put more money down to secure the lease and also open to doing a multi-year lease. 

Some folks are happy with 5-8% profit margin and others don't look at much under 20%.It is all going to be up to you where you are most comfortable. 

Surprisingly, for some of the complexes the market valuations slipped to under 50% and therefore those properties were underwater, even with "only" 50% debt. 

We offered $75k under asking and they accepted. 

Focus on cash flow, leverage financing smartly, and structure your deals to remain flexible under varying tax conditions.

@Kent Ford there's a few layers to your post.