On top of that, 203k is an FHA loan, and FHA is incredibly skeptical about counting departing residence rental income, and will only do it in a few rare circumstances (typically involving a job relocation or similar), which could screw up your lender-calculated DTI. 

If you were to personally borrow from your 401k, you could not combine that money with an IRA on a project as that would be self-dealing.I'm not sure where/how you setup your IRA, but if the firm you are working with cannot easily navigate you through what I have described above (which unfortunately, may be the case), then you might want to look for an alternative provider.

The combination of your contributions to the Traditional and Roth IRA's cannot exceed $5,500 though.  

Not sure how much that would help you since a refi would combine your loans and then you'd be paying interest on the $45k loan, but it might lower your payment and interest rate and if it's low enough, you *might* be able to get a renter in there...Could you do a lease option - or Rent to own without violating the guidelines of the condo's rules?

It is easy to say "Buy up a whole block" but it is rare that most of a block is for same at one time. 

The "perceived" savings are rarely worth the aggravation, and many times they do an incomplete title search, with a title policy that Exempts (section B) unrecorded, but findable liens.

@Alexander Ramos Getting to 80% LTV is going to be accomplished by a combination of two things: the equity pay down you mentioned and also force appreciation by raising rents.

@Mark Allen, @Percy N. got it right...it's possible but rare.  

Combined market value for the properties is around $190,000.

In fact, I rarely even bother asking why they are selling because a) I don't care, b) often they won't be honest with you anyway, and c) sometimes you just don't want to know (as was the case on an ex-hoarder's house I once bought, because the details would make your skin crawl).