If you are looking at multi family investing check out lifestyles unlimited they have a great program

What program is this?

If its a New Western deal though I am extremely dubious .. those require extra due diligence as the deals I see coming from them one needs to verify every aspect of what your being told.Due to the response of a poster above, it appears I was not very clear in what I was trying to say.I was trying to say that most of the people cheerleading like finding off market deals is easy Haven’t done it themselves. 

Just in case anyone is wondering I am pursuing the REO referral program I had mentioned.

This criteria is for 1-4 and 5-8 unit programs.

Accept whoever applies" is an idea that would cost you a bucket of money in the long run.Bankruptcy is usually a "no" unless it appears to be a one-time event caused by something out of their control such as a massive medical bill or a business failure. 

Also, most DSCR programs have pre-payment penalty to get the best rates, so you would take a hit on points if you sell within a few years.

He's put on some great programs and bootcamps. 

As for your other questions:It is currently on the market and has been so for several monthsI don't have anyone representing me yet...trying to learn as much as I can before taking that next step with a realtorI don't know why the owner is sellingI don't know the standing of the tenantsRent appears to be at marketAssuming 10% vacancy rate, my calculations show that it would indeed cashflow.  

FHA does not even require a buyer in order to start approving your for the PFS ( Preforeclosure sale program).