As for financing, assuming you have a relationship with a Bank, it's fairly simple to get a pre-approval letter for financing.

In terms of pros and cons, the clear pro is that you will be acting as the bank for the buyer.

The bank will require an additional inspection to assess any possible damage to the property.I have a client who is in escrow on a 4-plex.

Christopher Dunson The bank may pay him off.

if you fail, and a lot of people do because they underestimate it, it will be quick and financially painful.It all depends on your business plan, and how bad the area is.  

You can try to appeal the appraisal or request that the bank allow a second appraisal to be completed.

Step 1 of course, find new insurance.No, the bank won't call your loan, But they will secure Force Placed insurance, which they have a right to do, and it will costs 2-4 times what you'll pay for your own policy, and will have worse coverage, and you will of course have to pay for it, or be foreclosed on.

Hopefully the bank will deal.

I can go to my bank but wondering if there is a mortgage broker that anyone can recommend which can give me a good rate.

I'm really hoping to build on my knowledge and hopefully pass on some of what I've learned from an earlier rental fail.