I have no problem letting a guy make some money for a few months, but not a killing for a couple months of very limited hands-off ownership. i think $400k is at least a fair first offer.Additionally, i've been told that based on the current cash flow of the property, that i stand a good chance of being able buy (finance) this property primarily on the merit of the cash flow alone.

The deals should stand on their own merit, even without the tax incentives. 

While our focus is SFHs, we are also considering smaller commercial apartments (6-12 units).Among other sources for leads, we're considering using CoStar or LoopNet for commercial apartments.Has anyone had experience with these sites, to help us weigh the relative merits of each?

Nothing wrong with not jumping in right away right now... i believe this merits a special circumstance... so no need to pressure yourself. 

While this has some merit you can look at your cashflow without using any HELOC.

Regarding SFR vs Multi, there are merits to both.

Also I haven't even brought up the fact that since I sold my business I do not have a current income even though I can still provide my last 2 years tax returns if that helps.Since this will be an investment and rental property, I was under the impression that as long as I had roughly 30%+ downpayment and the financials looked good for previous rental income/numbers that it should not be impossible for me to be able to get financing based on the merits of the actual property and my cash down payment...regardless of my current debt to income and income situation.I still receive my monthly VA benefits and have rental income from one of my vacation rental properties I own but I don't think they will count that income until I file it as part of my tax returns. 

All types of RE have there merits and downsides.   

They don’t tell you what the product is, because each deal is evaluated on its own merit.

You said yourself, that you "would not touch this one" which sort of goes to the heart of wholesaling, you need to value the property so you can show the merits of the deal to the investor.I do not expect a rental investor to jump at this one from the point of view of a cash on cash return.