There are so many great pieces of simple, yet far from simplistic, financial advice out there.

In reality, I can see where a bank's attorney drafted the restriction for the simplist way to comply and where a bank through its institutional thinking will say they can't change a thing.

Hi Maggie,If you follow this simple and simplistic approach to the numbers part you should be okay.Multifamily data shows over time of ownership costs will average 50% of gross expected income and if the landlord pays any utilities that figure will be closer to 60% costs.So 2,900 X 12 months = 34,800 GEI a year. 34,800 / 2 = 17,400 NOINOI is net operating income which is what you have left over before your debt service.

This may sound simplistic, but I'm looking at trying to buy NPN's on a 4 plex or two.

The simplistic solution is to assign a certain percentage of your monthly rent to repairs.  8% is a fairly common number although I've seen more conservative estimates.  

To speak simplistically.. if getting out of debt is the goal, you need to maximize monthly cash flow right now.

I will go that low also if the tenant has very low debt so that their income isn't being stretched.A good related read:http://www.biggerpockets.com/forums/52/topics/114033-gross-income-3x-rent-too-simplistic

the simplist resolution I could provide is to come back to the seller and advise her that your financial partners are requesting to be place on the deed.

Here is my overly simplistic scenario:I think I would leverage the 2M in to something like 8M through traditional financing.

3x income seems too simplistic, though it is also what my PM uses.