Many banks wont touch deals that are sub 90% occupancy, so you could negotiate short term seller financing to help give you runway to make the building bankable for a refinance while you reposition it.

I recently came across an opportunity to help a builder with their financing.

Quote from @Victor Yang:In addition, is it possible for me and my wife to gift 36k worth of equity per year of the house (under the annual exclusion limit) and therefore have none of the costs go towards the lifetime gift limit?

Get as much information from the previous landlord as possible BEFORE meeting them.

Property taxes-  ask for revaluation as soon as possible.11.  

Do you think SCI can possibly pay a mortgage for ?

I highly suggest getting your feet wet in your local market if possible if you plan to rehab or manage the property yourself.

I'm happy to get together with you again about this newest spot you are touring and give you my 2 cents on how I would finance it.

It’s possible, but I wouldn’t advise it.

I'm kind of conservative for this crowd but there may be value in taking the time to save up a down payment if a HELOC won't give you enough and you can't find creative financing on a multifamily.