With your three month timeframe, I suggest just focusing on research for now.

The numbers should keep you out of trouble if the market hits a recession.We personally are going to load up our emergency fund, make sure we have proper long term fully amortizing loans and we may focus on a shorter time frame by doing flips (if we find any that make sense).  

In general, quick time frames would be 3 to 6 months.

Hard money has not worked out since I don't have the fast-flip experience to justify the risk (all of my rehabs have been much longer time frames).

Your best option is to persuade them to leave possibly with a 3-6 month time frame while you reno the other unit.

In years past, getting multiple quotes earned you multiple Hard Inquiries on your credit, but now multiple rate quotes in a short timeframe - think less than two weeks and ideally one week - is considered "rate shopping" and all get lumped into one inquiry.You can get a residential loan if the property being purchased is 4 units or less, regardless of your intention to rent it out.

You will also have both an appraisal and a financing contingency in your offer, so if it does not appraise at the sale price, you could try to renegotiate the price to the appraised value with the seller, bring cash to cover the difference (not a good idea), or if all else fails walk away and since you had this contingency and so long as you do it within the time frames specified in the contract, you will get back your earnest money deposit.

@Derrick Gray3-5 weeks is a typical time frame.

Rates, fees, time frames are all important aspects to a deal as well?

Also, if my 1 year time frame for renovations is reasonable.