I have some questions regarding my unique situation and I knew BP was the place to go for some help.

Regarding taking a 401k loan:You would have to confirm that your 401k plan allows for a 401k participant loan (and that you have not had an outstanding loan in the last 12 months).If yes, you can borrow up to 50% of the balance not to exceed $50,000.The repayment terms are equal monthly/quarterly payments (as you prefer) of principal and interest (e.g. prime + 1%) spread over a 5 year term (or longer if you will use the loan to purchase your primary residence).

Do your research on getting a mortgage for first time home buyers.In Canada, an insured mortgage provides you with down payment flexibilities — you can own your principal residence with a minimum down payment starting at 5%.Some common sources of down payment include personal savings, RRSP withdrawal, non-repayable gift from immediate family members, sale of other property, and funds borrowed against proven assets.The minimum down payment requirement for mortgage loan insurance depends on the purchase price of the home.

I'm assuming this is not a new or unique situation...would guess that someone here has crossed this bridge before.

The result of this refinance was two separate principal amounts, a 'current' principal amount which was set up for repayment under a fairly normal principal/interest amortization schedule, and a 'deferred' principal amount due as part of a balloon payment at the end the mortgage period.I'm trying to figure out which amount the bank is likely to bid on this property. 

I know this is a bit unique as its not a full cash out and I am having to do a loan regardless.

An expense buffer of approximately 5k per property was added to the value of what we're looking to obtain in funding for emergencies and other expenses that occur, up to a cap that when reached, excess would be used to help repay the funding.Traditional bank mortgages can require up to 25% down payment from the borrower.

The seller is in a pinch and wants to sell ASAP and has lowered the price because of this so I would be stuck evicting the current tenants.I am using a HELOC to finance this deal, but the longer I go without financing, the more I’d have to pay out of pocket to repay the HELOC on top of likely missed rent for the occupied unit.Has anybody had experience taking on existing tenants and evicting them?

So if they end up closing a handful of loans before yours, they may run out of funds until they start collecting payments/payoffs.Last bit of advice I would give; if you don't have time, very unique deal or want to shop it around - use a broker.

Purchase price: $150,000 Cash invested: $1 Hand crafted a unique deal with a USDA loan and seller financing to get into a house without spending a dime.