Best bet is to get a preapproval from a lender...they will have answers specific to Your total circumstances. 

Thanks for talking about the circumstances of your deal w the owner "trapped by tenants"- one of the things that stands out from your response is that the method to find deals varies from price point to price point.

Find a broker that can help work with you on your deal whether that is a private money/hard money broker or a traditional mortgage broker based on your circumstance.

In this circumstance you described, some people will get the property under contract subject to existing financing, so the financing doesn't change to your name.

I suggest you not choose a cheap one because they rarely do a good job and often neglect real problems in the house.

@Mike Shemp Thanks Mike I appreciate the heads up I wouldn't have thought to even look at reviews I've been so focused on finding one that will work for my circumstance.

Lenders can give you an extension or waive the requirement for justifiable circumstances. 

@Whitney Hutten You make some very interesting and unexpected points.At this point I'm intimidated by non traditional financing but I do plan to learn a lot more before I make my next purchase.I've been thinking quite a bit about partnering with more experienced investors as it seems like a great way to gain mentorship as well as to maximize the success of the investment.At this early stage my portfolio is fragile and I can't afford to make big dumb mistakes.At the very least I do not want to make another RE purchase until I'm feeling really solid on my network and education, not to mention the recovery of the economy.The question of whether to sell or hold has tormented me for years.There is one other factor I neglected to mention in my OP that made me decide to hold the property, for at least a year or two longer:This home is within throwing distance of a major city overhaul project that is drastically improving the area immediately surrounding it.It's been transforming a creepy downtown area that previously you would not want to walk at night (or even the daytime) into a bustling mixed use community.The project has been going on for years and right now is finally in progress in the blocks visible from my house.Also the house has easy freeway access, and is positioned within 10 minutes of an extremely expensive beach area.

Under no circumstances should you take on those tenants esp if it's your first property you're buying. 

You need a solution tailor fitted to your facts, circumstances, and goals.