You can then convert it to a pure rental property if you wish, no need to refinance or anything. 

Most consumers think the lowest rate equals the best option (pure social conditioning) with out looking at terms, tax implications, lifestyle/cash flow planning down the road, or even assessing the risk, exit strategies, asset protection, contingency planning etc.There are probably ton more but hope that helps point you in the right direction.I would ask for a referral and vet out the loan officer online or from past clients.

I would definitely put my money into a mixed use or purely residential apartment building.

That being said, you can skip all the above steps, apply the 50% rule (which is fairly accurate) and find that this deal is going to fall short of just about every return metric.The only reason to buy this building would be because of future appreciation, which is purely speculative and probably not a wise idea.Good luck!

We also buy pure rentals.

Three full 8 hour days, lost from my regular job and everything else, of pure sales-pitch infomercial up-sell B___ S___ with nothing useful anyone could take and go start making deals.  

WE than bought "pure" rentals.  

One is based purely on the appraisal value and your finances.

Everything in it was pure gold.

There are WAY too many so-called experts selling pure hype to newbies for outrageous prices in this industry.