The zoning would not allow us to build a multi-family without subdividing the lot, however we were able to "replace in kind" and then change the use.

Some banks have different requirements, but two that I work with structure loans as follows:Bank 1:  is a local portfolio lender, requires a 6 month season period, does 15-20 year notes with 5 year variable interest, super quick turn around on refinancesBank 2: is a credit union that does commercial loans, doesn't require a seasoning period, but does require a lease to be in place, does 15-30 year notes, rates vary depending on note term, and they will allow a 10 year period before the rate changes, super slow turn around on refinancesI opt for option 1 because I don't like to be slowed down for 3-4 months waiting for a refi, but I also have a great relationship with my bank, and tell them what other lenders are doing and see how closely they can match the competition. 

You can find a good agent who will get you farther and faster than you could, and allow you to focus on what you will need to know as a successful investor/hacker. 

What investigation contingencies are in place that will allow you to back out of the deal?

@Michael Palma there are lenders out there that will allow you to buy the second unit without a lease but they may want to escrow money from you until you are able to get a lease signed.

I got an email with the following message from Zillow "Contact support for advertising rentals in communities of 50 units or more", I am still waiting on a response from them.I then tried to list it on apartments.com and faced an error saying that subleases were not allowed and to call customer support if this was an error, so I did.

When you take or are allowed to take depreciation, it decreases your basis, increaseasing your gain when you sell. 

This will give you a better perspective and allow you to run your own CMA so that you can get accurate ARV.

I know FHA allows 75% rental income to go against your DTI, but it still makes it pretty hard to find a decent duplex-quadplex to purchase.

I doubt this is the case with your purchase price and after repair values.The 60k cash value will pay you well if something should happen and allow you to reinvest in a new property.