You are listening on these calls to find why they are selling, and what value you can provide to close the dealGino

Since the interest rate is already high, adding to it won’t drastically change your overall costs and will free up the liquidity you need for the new investment without affecting the low-rate financing on your multifamily property.Using the hard money loan to close on the new property could work well, especially if the property generates the $6,000/month you expect.

We also are very verse on the Property Code Laws of what legally we must do and what is just good business.So @Ian McClure to answer your question, it would depend on how the new tenant was on boarded and what kind of business the owner runs concerning his property

.* Our agents met and we learned that the lowest they'd go was $510 because of a HELOC* We offered $520K with $10K seller credit to be used for closing costs.

Or, I’d have to get an extension of the closing date, which kinda defeats the purpose/competitive edge of a cash offer.

As a general rule of thumb if the property has a ground level commercial requirement in order to show sufficient hardship to seek a residential use change the property should be located in a location that is not conducive to commercial use i.e residential street, close but not as marketable as properties located on neighborhood's primary commercial corridor etc. 

So now is a good time to buy if you leverage your ability to put a good amount down and close...that is attractive to sellers that are eager to get out of their property. 

There are a ton of resources here on the forum so I would read up.Next you want to make sure STRs are legal in your area.

Quote from @Corey Gelineau: The inspection contingency is used to legally back out of a contract due to the property being in an unacceptable condition upon inspecting the property.

From what I'm reading here, and we immediately sought legal counsel on this, they're totally free to move out anytime they want.