I'd love to move into another fixer upper for two years so we could flip tax free or live in for long enough to use our FHA loan.

OH is an escrow state, so i would have your agent reach out to the escrow officer and let them know you are cancelling the escrow, and which contingency you are exercising (whether it be appraisal, loan, or otherwise)... and ask when you can expect your EMD back in full.

Us: We want to buy the property, fix up the (3) apartments not occupied by her parents to generate rental income.QuestionsMy thoughts are to work out a deal where we purchase the property from her parents without taking a loan from bank.

I was pretty leveraged with my HELOC, 401k loans, etc. but I could have been even more aggressive.I only have 12-doors though.

I think I'll have to wait 2-3 years to pay for the renovation unless I take out a loan for the shower renovation.

Also seems like a lot of MF sells occupied with tenants in place so you just have to comfortable with that and contracting up from and seeing inside after contracting.    1st step is to find a great lender and get pre-approved for a loan so you know what your budget is. 

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

Is it because the loan you assume after a cash-out refinance is more likely to be higher than your gross cash flow? 

If you’re looking to finance a rental purchase, a DSCR loan could be an option, as it focuses more on the property's income rather than your personal credit score.In the meantime, you can get your current property rent ready while also working on improving your credit.

Used an FHA loan as owner occupying with a 3.5% downpayment.