I don't have very much saved as of now, being that I have been attacking credit card debt and not saving as I should.

This also happens with bridge loans from large, institutional debt funds.

This is to say nothing of the fact that they got 3 year debt on a stabilized property, and they're projecting 10% CoC in year 1 to the LP's when the deal itself only throws off 2%, and the pref is 8%.

do i pay off most debt under the 30% and use my savings... then re apply?  

The debt is a big hurdle.  

Bank statements:  While you might be the one paying the debt every month, the bank will still be sending the original owner the statements. 

Benefits to invest in his business for some growth capital. new equipment purchase, and consolidation/restructuring of existing debt.I dont have any financial experience in regards to a business, and  just based on his explanation, something doesn't make sense with his income-debt(i dont know what exactly which is why i am here) My question is : " where is a good simple resource i can use to help me make sense of his books?"

The excess money goes to my current revolving credit card debt and truck payment with my 2 other loans and I pay off and that frees up 620 extra bucks a month I take care of the place for a year on my current job with my wife making 3300a month and then get this house leased out or rented then that people help pay my mortgage and costs then I get into a better mobile home paying about 300 a month and saving towards the next property soon after that year and making the next down deposit with my own cash and owing no one except the next person to fund my next apt complex!

I just went through this on an 8 unit one I've got north of fort worth and they will look at "Debt Service Coverage Ratio"--most banks want you to have some cash in the bank (in case of emergencies) plus a DSCR of 1.25 or better, and often they want to see you still have some money invested in the property (from fixes, make readies or whatever)1.25 is NOI/loan repayment.

So that is how we got rolling in the early years.I do suggest that method, as we benefit from debt pay down, appreciation, inflation and the renovations that we do.