I have a little understanding that commercial is based on current income generation of the property; however, there are no current leases.

All I'm saying is you don't know what you haven't done, so you really can't say you've done it all.The most important things you learn by just doing is what not to do since that method will generate more mistakes than not. 

Ask for a business line of credit and tell them what you plan to do with the money and how the new property will generate cash flow to pay off the LOC.

Net zero on IRS is kiss goodbye for income, the problem all self employed people face.       

I am running into this issue in another area, calling employers about internship opportunities as I am a college student, but I thought it was a relatively thought provoking discussion.

But there's enough chatter that you would be wise to consider it.3) can you generate a reliable $1600/mo cash flow from the $180K in proceeds from a cash-out refi?  

After a divorce and some recent changes to my W2 job status ... left my employer of 22 years and now contract directly with the same school districts I have provided IT support to for the past 20+ years ... which increased my annual income by $35,000, of course taxes and health insurance have to come out of that $35k, I feel like I am on the right path.On the REI side of things I have an overall understanding of getting started.

Hello BP,I started looking for small multifamily properties in the $300k-$600k price range and There are a few things that are a little unclear to me: A little about myselfI am a self employed and have been working in brokerage. 

Makes $1500/mo (2.3x the rent) through self-employment.

A good tenant is someone who:Has stable employment in a market segment that is very likely to be stable or improve over timeHas a credit history with which you can evaluate the likelihood that they will performPays all the rent on scheduleTakes care of the propertyDoes not cause problems with neighborsDoes not engage in illegal activities while on the propertyStays for many yearsGood tenants are the exception, not the norm.