Current tenants lease expires April 30th and are wanting to buy the house.

The financial performance of these investments often are disappointing because of excess repair costs and liquidity issues (ability to sell for the amount you paid for it). 

As a schedule E filer, my experience has been that banks are checking my net income per property plus W2 income against my debt as a whole while overlooking revenue altogether.

@Lynnette E.

On really huge properties sometimes bridge lending is available for an additional 10%, but we're talking about institutional players here that have significant liquidity and holdings to cover any issues.

If you have liquid cash sitting in your account right now I would dump some on the stock market..

Ask for a copy of the seller's Schedule E to check how much rents were received the past two years and what was spent in repairs. 

My investor client was liquidating portfolio, asked if I could purchase if he made me his agent I would use commission checks to pay him back.

Thanks for you input Sebastian E. ~ I'll be speak with local Section 8 authority and review finances with banks or hard money lenders before I dive in.

There are limited exceptions to that for single member LLCs, also depends on your liquidity or ability to refinance as well.