How does it work if I am trying to sell my own property and a buyer approaches me but has a real estate agent??  

I think for the house hacking approach the first goal should be to have your tenants paying for your expenses so you're able to live there for "free" So if you'll be making enough money from rent to pay your regular bills like the mortgage, taxes, insurance, utilities, etc. and can put the excess money and your own monthly "rent" contribution aside for cap ex and other maintenance you'll be in good shape.

Thats a very interesting approach!  

@Dawn Oree If you approach insurance agents with the above statements, you will get all sorts of different policies and you will be comparing apples to oranges. 

Like @Ann Bellamy mentioned, my lease also specifies that all payments will be applied to outstanding fees before being applied to back or current rents.What I am unclear on, and I would greatly appreciate input from others, is whether or not I can simply send updated lease verbiage to tenants whose leases have expired (and are therefore month-to-month), without getting their signatures, or if I have to take the time to approach each of them individually and get them to actually sign the new lease.

I can give you tips on sporting those of you need. 

The bank valued them at 350k which is a lot lower than expected but they are using a combination of price/sq ft, replacement cost, and income approach.

All great comments but I would like to add a different approach that gets missed over and over again (even I did this years ago) Before shooting low-ball offers through MLS listings, build rapport with the listing agent, because at the end of the day, it is the listing agent that can "sell" your offer.

And also how would a buyer approach a seller to get them to finance?

The main reason that the income approach is used for commercial properties is because of leasehold considerations.