Most bankers can run live pricing to help you make a final decision without having to have your credit pulled several times or fill out a dozen applications and submit docs!

As I said, check with local banks and credit unions.

By providing the necessary funding and covering renovation expenses, we ensured the project stayed on track and within budget, leading to a profitable outcome.

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

You need to have reserves in either cash or credit regardless of the situation. 20k can go away in a blink.

If I wasn't certain her story tracked, I would ask for documentation of her 401k balance and her application to withdraw money.

The other way I fund deals with none of my own money is using a private lender that I have years of experience and relationship with and/or using HELOC and other business lines of credit.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

The goal of a HELOC is a quick line of credit to either refinance or sell and pay back the HELOC as soon as possible.PS - I would recommend taking a look into the Columbus Ohio market, there's tons of 1% rule deals still within the 120-180k price point with amazing appreciation potential.

Given your recent small multifamily inheritance, this could be the right track for you.