If he fudged on income, make him a lower offer based on what he reported:)You might not believe this, but people lie in this business!

However, since both units are rented this would be classified as an investment property in which case your rate will probably be 4.00% to 4.250% on a 30yr fixed depending on FICO credit score.The maximum loan to value for a cash-out transaction (investment property, duplex) is 70%.Based on the information you've provided it doesn't appear the value is high enough for the property to be eligible for a cash-out transaction but you can still remove PMI.If you want to send me a PM I can run a complete analysis to see if removing the PMI will offset the slightly higher interest rate.I'm also licensed in CA so if you're looking to purchase a property I can help with that transaction as well.

I would also like to build a network of reputable, integrity based individuals in my area.

I would look at it this way:On one hand, I can try to find a local bank that will like me enough (yes, it's a person-to-person relationship in these small banks) to give me the loan to refinance but they will do LTV or LTC whichever is LOWER and will usually use the current NOI as the bases of valuation. 

If that's the case,  you have locked in a low property tax base, and a fantastic (high paying, easy to find, easy to manage, etc.) tenant profile, which I would not want to loose.

Oil based heaters tend to be more robust and can be fixed in expensively.If you can't get a 203(K) loan, run the numbers with hard money until you can refinance in 6 months or so.

You are assuming both markets are the same...and because of that, a $60k house in Ohio is the same as a $60k house in Memphis...and you'd be 100% wrong.That $60k house in Ohio, based on that market, could actually be a better house than the Memphis one.  

Do you think my niche is a possible market to delve into based on your experience?

I have a land parcel in the area of Richmond , VA , which i bought in a tax sale for a good price , it is 6.4 acres lot zoned residential in a great location surrounded by built houses also but needs and easement, i did the research for it how it gets solved , and the most convenient solution for it is that There is another 0.5 an acre adjacent to it , was already part of it and got separated by the old owner , which gives it an easement easily and that makes the whole lot easy to have other utilities based on the county opinion after talking to them and discussing that option , that parcel also past due on taxes , owner dead and heirs do not care about it and it is in the process of going to auction GOD knows when , but i assigned that case to a lawyer who had that case for almost 5 months and did not do anything to it after agreeing on filling for an easement by right through that adjacent parcel He did not seem to been working at all and i need to move the case to somebody else from the area who would start working on and has passion to do it ?

The inventory is very low for multi-family in my market but rents are good and in high demand with a quality, stable job base here in our rural community.I have an opportunity to purchase a multi-family property from a gentleman who wants out of the business.