We're both self-employed, and I assume reno loans will be harder to come by.  

You have time on your hands now that can be put to work building cash flow and wealth instead of selling to an employer at a fixed price.Look into commercial real estate.

Getting any sort of financing is hard when you are self employed, and you will need 2 full years of tax returns with self employed income to qualify for a loan.  

That's why I suppose the industry employs so many different trades.  

My balloon is $55k due in 6 months from now. 4plex is worth about 140-170k currently.My problem is that I am self employed and dont't show much income at all.

No, you are not an entity, you are self employed.  

Underwriters determine the answer by analyzing and reviewing the borrower's employment, income, debt, and asset statements.In particular, underwriters will take a close look at your debt-to-income ratio.

@Cameron Skinner,  do you have to be self employed to be eligible for a Solo 401k? 

Watch the market place forums too, it's the "Count Down To Launch" LOL.There are several types of conventional options, the "full credit", "step up", "financed option" (actually 2 ways), "set up option" "declining credit option"  each having acceptable variations and the American Option (a favorite of the gurus) and the European Option described, both may employ aspects of the different types. 

Financing:If buyer does not obtain the required financing but otherwise complies with the terms hereof the binder deposit less sales and loan processing costs incurred, will be returned to the Buyer.A. [] Application:The application for the mortgage described in paragraph 1D will be made with lender selected by [] Seller or [] Buyer.Unless such mortgage loan is approved without continued contingencies other than those elsewhere covered in this agreement within ______ days of the date of acceptance of this agreement, Seller and Buyer will have the right to terminate this agreement, and Buyer will return to Seller all the title evidence and surveys received from Seller.Buyer will make application for financing within ______ days of the date of acceptance of this agreement and in a timely manner furnish any and all credit, employment, financial and other information required by the lender.In the event the original loan application is denied, Buyer, if requested by Seller, will reapply within ______ days of such request at an alternate institution.B. [] Seller:The balance due to Seller will be evidenced by a negotiable promissory note of Borrower, secured by a valid purchase money _______ mortgage or Trust Deed on the Property and delivered by Buyer to Seller dated the date of closing bearing annual interest rate of_______ % and payable$_________ per__________ for [ ] ________ years [ ] _________ months.