Howdy @Andy MilbyYour thought process can not work using conventional financing.  

Up to you how you’d like to proceed.Let me know what would be the best way to access the inventory you recommend and we can go from there. 

Currently we have a -(negative)5% vacancy rate and he maintains his inventory like he owns it himself.

Inventory is so low you want to leverage buyers anxiety.

In most markets, there is low inventory and lots of competition. 

I'm curious though why with good credit and cash flow not try conventional or commercial loans?

I have re evaluated the deal as a longterm buy and hold with a conventional mortgage.  

I utilized conventional financing at 20% down. 

I have never purchased a home before so I am wondering if the conventional mortgage preapproval process is similar to an IRS audit. 

The cash flow can help from a DTI perspective if you’re going the conventional route but no bank is going to give you the income approach to valuation on a duplex.Did you have a realtor run comps and give you an ARV?