No agent is going to request financials of a listing agent's multi without a proof of funds, pre-approval, or hard money letter.

Although, I recently spoke to a lender about getting qualified and approved for a loan.

So I have got approved by a hard money lender and I was wondering how hard it would be or what obstacles I will be facing; to do the cash out refinance when I am done with the property while having a high DTI ratio.

Get your loan approval and buy your next house as soon as allowable. 

@Blanton McGheeTotally agree with others, if you have POF and loan approval, ED should be no more than $5k.

Sometimes this makes the financer sooo upset to make a change like the price at the last minute that you may not have an approved loan for a month or two, if at all. 

And again, you can run into the problem of delays in getting approved (and potentially missing out on great deals!) 

If you have excellent tenants, you can probably do some basic cosmetic work with their approval and cooperation.

@Len NetteGet pre-approved and see what they need.

With just the info above, I would assume they contracted with the homeowner to short sell and were successful in getting approval.