Most of us always look at an income based analysis anyway, but the banks will take this in to consideration for 5+ units.If you are looking at 2-4 units, it can be trickier.

Owner finance or bank loan.

Assuming 20% down is needed, any local banks (M&T?)

Purchase closing costs seem a little low, did you count the bank fees for the loan?

How to do I position myself best to refi with the bank?  

Found a 4-plex in residential area (population <3,000) about 45 minutes away.Purchase Price: $92,000 (MLS) Bank Appraisal: $99,000 (appraised "sale" value)Mortgage: 20% Down, 5/15 ARM (self-employed, first mortgage)Rent Roll: Full occupancy = $2,050/mo; currently = $1,630/mo (3 units with long-term tenants, studio unit vacant)Roof: No leaks but needs shingles in 1-3 yearsHVAC: One gas boiler, hydronic/radiant heat and hot water; no ACOther: 2500 square feet. 

No bank, no credit report, no hassles.Would that qualify as a "deal"?

Bob gets excited & begins planning for the future. 2 weeks later person A finds out they have terrible credit & the bank won’t loan him enough money to buy Bob’s house.

If you want to buy a property, absolutely get a preapproval, a Real one.....where you have to submit tax returns, w-2's, bank statements, etc.You don't really know what ou can buy until you get one.  

Do you know of any banks that will allow the seller as a second?