(Dealing with a tenant/buyer or lending on a consumer side, this is predatory lending and dealing, but not in commercial lending).If there is an issue with subsequent financing, ask the lead lender to allow it, they really can't say no without taking on a lot of management liability causing a company to go bust with a choke hold on their business.

I was just indicating that this is something that should be done by the property management companies if you get a competent one.I used a very large and reputable property management company who I subsequently fired because of their poor performance.

Given the limitations I have around down payment money and debt servicing, it's likely that the first property would have to be a SFH or condo and will need to come somewhat close to cashflowing; We'll need at least 1500sf to live in - hence why I believe that I wouldnt be able to afford a MF - the price would be too high to afford a place that can fit us and another unit and then also purchase a subsequent property; I am not opposed to some moderate rehabbing, but any significant capital devoted to rehabbing would eat into either the downpayment for the next house, or, if part of a loan, add to the interest payments (affecting cash flows); The location wouldnt have to be ideal, as we would move out in a year (assuming I dont lose my job)The second property we would purchase after living in the first property for ~12 months and then live in it for the next 20 years; It could be a MF, but could also be a SFHApproach 2: Purchase one property (- a 2, 3 or 4 family - ?)

personally what I think is if you really want to do this.. get a license so you get the list backs. realtors that work with me on my new construction and subsequent list backs make 100 if not 200k in a year or more.. your doing way to much work for 2k that will get you nowhere fast.. 

In the “Real Estate Condition Form” the sellers had checked the “NO” box that they weren’t aware of any lease or rental agreement binding the subsequent owner.

We just received site plan re-approval last week and subsequently submitted our 95%, or permit set, of construction drawings to the city for their final review.

I know that typically this is under the market section, but it is fairly specific to sub/non-performing notes so wanted to ask here.Anyone have a good recommendation for a CPA that knows how to handle a note purchase, subsequent foreclosure, renovation, and sale?

You may need an attorney for the second and subsequent steps, but I'm pretty sure that the first step for "Buying a property with a deceased owner" would be to remove this owner from this property...

How would my current situation help/hurt me in making that first (and possibly subsequent) purchase? 

In fact, other than utilizing excessive leverage, or having the plain incredibly bad luck (or lack of foresight) to have invested in a mining town where the mine subsequently closed down, “go broke” investing in real property is pretty hard to do.