You do the math but I doubt that there is sufficient cash flow left after the PI payments for both loans to make this work.

My passion for marketing developed when I recognized that you can leverage creativity to achieve (just about) any financial goal so long as you are sufficiently motivated.

However, occasionally there is sufficient baked-in equity in an acquisition that we have refinance sooner (as short as 30-days).If the home is inhabitable, it should make no difference to the appraisal whether there is presently a tenant or not ... sometimes it is easier for an appraiser when the property is empty.    

In my market most clients make too much money to use this.FHA Loans, 3.5% downMultifamily 3-4 units:Conventional loans 25% downFHA Loans 3.5% down payment if the property meets self-sufficiency standards set by the lender.

I went with a 2 unit instead of a 3 or 4 unit because it's really hard to meet the self sufficiency with Chicago properties.Are you an over-the-road driver or long haul? 

Your basic insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

If the annual income was sufficient I would consider keeping the lease.

Second issue is having sufficient liquid cash or the means to renovate. 

For example, our Los Angeles county has a separate probate court within the Superior court system, but online data access will only give you a case summary, calendar notes, and no contact info sufficient to call or write a PR, attorney or heir.

With this method, you can use the "projected rental income" without proof of occupancy/renters to help you qualify (income-wise) as long as the rents meet the Self-Sufficiency Rule.