You're going to need to have at least 30% equity in your departing residence to be able to use the new rental income.25% equity if you're getting an FHA loan.What type of loan are you currently trying to get.

Performance and network which takes time.Until then you're going to need to use your personal credit and guarantee to get some money from the small banks.

@Bryce YoungIf you're going to do a loan with FHA you're going to need 24 months of work history whether you're self employed or a Wage Earner.Now if you're going to go with conventional financing you're going to need one year of tax returns and proof that you've been self employed for at least 2 years.  

Not sure if your going to find 8 units with 60k down, likely going to need 30% down, plus closing, so 30-40% cash, unless you have an hell of a retirement account with more than 7 figures that the banks will let you lean on for lower financing, so 60k is about 200k of less, 8 units will be 800k-1.3 million in most markets depending rents, and since it's hot right now, you know rental prices are in a bubble, so people want get rich exit money down there.

If you are investing ultimately you are going to need one. 

They are also willing to finance at a 10 or 15 year amortization at 6% interest.My gut tells me $40,000 to $45,000 judging by the cash flow and the work I'm going to need to put in to raise rents, etc.

I'm wondering if this would be an accurate number if I'm going to need to demo ceilings and floors.

This will be my first investment property and it absolutely MUST be a winner in order to set the tone for my future business.Again, Thank you all for looking and I look forward to your responses!!

However we are realizing our rehab price is going to need to come up as well.  

Going from the tone of your post, it seems like you really like the deal, but are afraid to pull the trigger and are coming to BP for validation.