The credit report will also give you some basic address history verification and will paint a picture of how they handle their financial obligations.  

@Dom Lombardo,@Chaz ReidAlso, what methodology are you using to to get your comps?

Your friend should make sure his estate is in order so the home doesn't to to probate court if he passes.Does the company you work for have any housing needs? 

I'd get an inspector to come and check it out head to toe.

Unless you see marketing as taking the most successful real estate investor you have access to,  to lunch and market yourself to him.... money well spent.

Your mortgage payment may be really low (which may be all you're looking to get out of this transaction) but your actual cash on cash return would be really terrible.If I were you (and looking to to maximize my investment potential) I would still consider selling and buying into the duplex but not putting nearly as much down.

I have been binge listening to the podcast and surfing around the forums for a while now and thought it would be a good to to introduce myself.

But, making two applications is a bad idea, sounds like a good one, but it causes issues.Credit inquiries are not the big issue, here's what can be;Bank A sees you went someplace else, the delay working on your app until you explain what you're doingBank B can do the same thingThey will delay settlements to ensure, by verification you aren't getting another loan of any kind, that changes your ratios.Dealing in good faith means a lot to a lender, if they feel like you're just jacking them around, they might reciprocate.If both lenders reciprocate, you're in the cold, butIf you can energize them back into action, you still delayed things and you have pie on your face.This is also an indication of your management techniques running your business, not cool they may decide they just don't think you're ready for their bank from a business point of view, remember this is commercial, not consumer, if they doubt you management/business skills and ethics, you're gone.Biggest flag begins with an attempt of fraud, trying to get more than one loan, usually such attempts will never happen, too many checks in place, doesn't mean someone may not try, so your intent is questioned.How to avoid all this, tell Bank A that you will go with them, but because time is of the essence and because they can't totally commit ask them, inform them, that you'd like to see if bank B could be used to back up the deal.

Really worked out perfect and saved me from locking up an extra $40,000 in a tax deductible 4% mortgage to to avoid PMI from the beginning. 

A good company should also be able to complete the employment and rental verifications for you.