Small businesses are typically valued at a multiple of SDE.

Thank you Nick - unfortunately it is the name of the game in this space that there will be people with bad experiences, typically when the appraised value doesn't come in as what they expect and they lash out at the lender accordingly (anyone in this space obviously understands this occurrence). 

There are tons of threads here on BiggerPockets where you have a new investor bashing a property manager, seller or turnkey guy and then when the experienced investors chime in it becomes very clear that the new investor wasn't telling the whole story and there typically wasn't any wrongdoing by the property manager, seller, turnkey guy or what have you.

Does anyone have any insight into what these types of businesses are typically looking for in a partner and what I should be doing to make my space a good fit for them? 

Typically the more extensive the rehab the higher the value add.  

Hi Angus, A cash-out refinance is typically not considered a taxable event for businesses since the borrowed funds are regarded as liabilities owed to the lender.

What % is typically required these days? 

Also, if you buy using a hard money lender or cash, Zach Starnes can do re-fi's off the appraised value shorter than the typical 6mos and then you might not need any money down if you buy at the right price.

However, tenant insurance is typically intended to cover personal property and liability for the tenant, not the building itself.

For most DSCR loans, down payments are typically around 20-25%, depending on the lender and the property type.