Remember... contracts are always negotiable, but you both have people to pay and food to put on the table.

For example buy 300k property, renovate it (pay yourself essentially)  turn into 400k+ plus home, increase rents and cash flow.   

Beware, some blanket loans, despite having a partial release clause, will still mandate you pay 120% of the original individual loan amount back to the blanket upon sale.

If tenants are paying their own heat bill, they would call the gas utility and have the unit put in their own name, but tenants can't do that if the heating unit is shared by all four units.You won't have happy tenants if you are in control of the heat and you aren't even on premises. 

All about your goal and growth plan, with a Brrrr I would also add an Atleast 10% contingency for your renovation and make sure the ARV is accurate to be able to pull more cashout or pay yourself back the down payment on the refinance.

I read some where that I could sell the house to a 3rd party if I do a double closing and pay the owner what is owed to him and take my profit at the same time.

Gotta pay $20k to your tenants!

That means you own the home, and the bank owns the note you are obligated to pay to them for buying the cash from them. 

Did the lease specifically say they pay for water? 

On the PPP, does that apply to paying off the loan in full and/or paying down the loan incrementally during the terms?