Your numbers are what makes sense to you and shouldn't be affected by what the bank does, which is out of your control.

Take control of the transaction.

If it's already climate controlled space, building out the units isn't that difficult, provided you have loading docs, and appropriate parking and access.

I would be the "landlord" and take control of tenant screening, repairs, etc. 

Some of the recent rate increases are due to volume control. 

You need to buy with cash, or maybe hard money, in order to take down a deal where you don't have control.

Malls around north Texas either are very full with high rents, high traffic OR its a dead mall.

Even better though, I now all of a sudden have $150k in equity in this thing and my entrepreneurial mind starts spinning out of control.

We go in the deal75-25 but I would be in control.

So, with the GOE and the capital that I had saved of my own from hustles I've done to controlling my budget and being frugal, I still did not have enough for a down payment I felt was adequate to give me a mortgage I was comfortable with monthly.