So I came across a 4-plex today which is very rare in my area, only a handful exist. List price of $160,000, 2 bed 1 bath units.  Has been on the market for over 3 months, owned by an older gentleman, looking to sell ...

Not sure if this is most appropriate forum, but here we go:In my analysis, I deduct 25% from gross rent to account for repair and maintenance, Capex, and vacancy, and to build up reserves. 

At least that was the analysis last week before Irma hit.  

Please see below the property analysis:    

Looking for advice on how to obtain a secured (using property) non-income verification type loan for the purposes of renovating a non owner-occupied second home that is owned outright in order to to turn it into a short term/vacation rental (thus utilizing those projected funds for repayment).I've looked a lot of options (mostly from conventional lenders) but 99% of them want to see tax returns/proof of income.

The current project connected 2 neighboring counties so property ownership, tax delinquent and all motivations are tied across counties.

Have you analysis the deal and see if the number make sense?  

Commercial lenders will primarily review the commercial project to make sure the property cash flows and can support the debt.

I'm new to this type of analysis and I'm comfortable running the numbers but I need help determining whether or not a seller's proforma numbers are reasonable.  

(otherwise you might be paralyzed by analysis-paralysis)   Congrats for getting in the game!