Or in the early stages ask for more detailed financials for the last rolling 12 months, and come back with that data early in the process to weed out those who won't budge?

Tapping equity can be helpful, but if you have 200k equity, I would not use more than 100k of that to buy something else.

I will be moving into the 5 bed 3 bath because the tenant has been there half as long as the upstairs tenant (therefore that is the unit I am legally directed to move into vs the more tenured upstairs tenant).I do not need the space of a 5 bed 3 bath apartment so am planning on renovating the entire space and turning it into x2 2 bed 2 bath apartments while I am living there.

These lenders typically cover the purchase and rehab costs because they’re more focused on the value of the property than your personal financials.Rehab: Use the borrowed funds to fix up the property, adding value by making necessary repairs or improvements.

or do I need more like $3.0M for landlord liability?  

I know this a tough time for a lot people, post hurricane disaster but I can’t help to think is this a buying opportunity in those areas?

I would have a contractor price out the flooring, a lot of times they have discounts at wholesaling floor companies that you can get a better price with..

Whether you target higher-end areas like Midtown or more affordable neighborhoods like Frayser, there are opportunities to succeed in every price range.

So who in the area is having more luck than us and wouldn't mind a few free lunches and dinners on us to pick you brains.  

However, there are more important things than taxes in your plan: family and business.Family.