Multi Family Properties & Cash Flow Arms

Help! We just bought our first home and we are thinking about partnering with a trusted friend to buy our first multi family property. We all have good credit and have a combined annual income of 100k. We are looking to buy in the Bay Area, California. We've been looking at some multi family property listing sites and we've been seeing say, a home being offered for $600k with three units and the total tenant rent is under 3k! How would we be able to ever receive any profit .. Can we: 1. Look into ways we can creatively finance the property -- I hear a cash flow ARM (5 year fixed) is a good deal 2.Evict the former tenants once we obtain the property and raise rents for new tenants? Any advice would be appreciated. Thanks!! :roll: