If its an occupied foreclosure where the bank "knows nothing" and there are "no interior inspections - do not disturb tenants", at least visually inspect the exterior for signs of deferred maintenance and look for signs of occupancy like an empty mailbox @7pm, lights on, car tracks in snow, prior to making your offer. 

If you have done any past deals, show them your track record and that will instantly build credibility.

Additionally, I've also been wondering, rather than using equity to purchase a multifamily, should I be using the equity in a method I've heard to pay down and fast track the payment on principal?

Have tracking of all income and expenses in report form that a few trusted others can help with possible expense reductions and an increase of income to help your business grow.  

Spend some time on Bigger pockets reading and listening to podcasts and you'll be on the right track. 

Invest with the right company with stellar track record and you will thank yourself one day. 

Kimble I think you are on the right track to house hack.

I was able to track down one of the owners on Facebook.

While I'm still not 100% sure we have made the right move in terms of numbers, I'm pretty confident we are in the right track based on what we have taken into consideration Vs what we've been reading.Now back to my question, our first rental is been on the market for a little over 2 weeks and after reducing the price a little we got a better response from potential renters.

While I'm still not 100% sure we have made the right move in terms of numbers, I'm pretty confident we are in the right track based on what we have taken into consideration Vs what we've been reading.Now back to my question, our first rental is been on the market for a little over 2 weeks and after reducing the price a little we got a better response from potential renters.