You will likely be able to work with pre-existing building under the FAR that was granted originally.  

For me I used a bank I had pre-existing relationship with and had all my banking information and transactions were there.

When a property is auctioned off at a Sheriff Sale, does any pre-existing mortgages follow the property and the new owner is responsible??

I'm looking into purchasing a 6 family apartment in Providence. RI.  The potential for cash flow is high, but the rent is currently well below market value by almost $300 per unit.  All units are currently rented out ...

I also heard that FHA considers the income of the tenants as well so maybe if I find a property with preexisting tenants?

The market for preexisting homes in this area are in the half million dollar range.

By law any PRE-existing debt obtained prior to joining the military is capped at 6% interest rate. 

Then you might just do a quick consultation with a land/zoning attorney, again to get a feel for how big of a battle it would be and your chances of success.It's also worth mentioning that, while rare, very occasionally you can sometimes research a property in the Providence City Archives (5th floor of city hall, walk up) and find a # of units documented, prior to the adoption of the current zoning code, and have a valid argument for a pre-existing, should-be-grandfathered number of legal units.I've only done that on one property, researched it in the City Archives to try to find a greater # of legal units in the early 1900s from Census / City Directory records.

When it comes to exclusions and small print, warranty contracts say a claim can be denied for lack of maintenance, improper maintenance, improper installation, pre-existing problems, code violations and numerous other reasons.

This is why you can’t get a traditional mtg with preexisting judgment/irs liens, unless they are paid off first.