To clarify the point of my question, I don’t think it is a good idea to invest solely based on speculation.

It still sounds like the other buy might become gum on your shoe, unfortunately.

@John Fider sole proprietor: one dedicated checking account for all business income and expenses, a saving account/s for Capex (one per property or one for all properties, whatever you prefer), transfer a % of gross revenue from each property into saving/s account regularly, Stessa for book keeping to track the income and expenses for each property.

Alternatively, you can receive an EIN (tax id #) from the IRS as a sole prop.

If you were in my shoes, buy or wait?

for the refinance or did the mortgage company use the property as a sole means of approval?

I would base my buy decision solely on current cash flow and optimized cash flow.

I focused solely on the sellers and their situation for this time and barely even looked at the house because I knew these people and their situation is what's important, not the property itself.

If possible, I'd love to NOT refinance and cash out what we already have because they are performing well and 3 of the 4 are paying down almost solely principle at this point (15 yr mortgages).  

Put yourself in the sellers shoes... in 30 days every offer is cash so why would you give a significant discount.