To answer your question: for a relatively small multifamily (I would label this about 20 units or less), yes it is common to not get financials until LOI, and there is very limited information that can be derived from sellers financials that should effect value anyways, because how they operate is probably very different than how you will operate.

(and realistically a different fully qualified applicant will be given the lease while the first person tries to obtain additional documents)My lease allows for a small monthly pet fee, a modest non-refundable pet deposit, and verbiage that if they lie about the status of a service animal, that they will be charged an additional large fee for lying.

The offending tenant was on a joint several lease with a different roommate who left.

They tank just needs to make up the difference for the time there is no city water.

I would greatly appreciate any tips, recommendations, or cautionary tales you can share based on your own experiences.Specifically, I'm interested in learning about different creative financing methods, potential pitfalls to watch out for, and any legal or financial considerations that I should be aware of before proceeding. 

They’ve secured low rates and rapid equity increases due to the last few years of Fed/gov intervention.   

That's where rolling in other debt could really make the difference.

Their bond rating just got upgraded this week and is now rated Baa2 by Moody's which puts it in "investable grade" territory.The city is also appreciating rapidly but you can still find cash flowing deals if you understand the market.I could go on and on.

That being said, our market could be completely different than yours so I'm not sure that transfers to you.

That 5 years is coming up soon and Panamanian banks are struggling to provide a mortgage on the property due to the state of the economy (less inflation than the US, but also it's just not the US, so it's different).