Can you dig into a little more on the novation, why did the seller pick that strategy say over a cash offer?

Low down payment (3.5%) is attractive, but comes with mortgage insurance and might not offer the best rates.

Here is a list of lenders offering such financing: https://www.biggerpockets.com/member-blogs/2810/50272-list-o...

Offering a refundable fee would have to come out of your pocket.

Insurance is expensive, there is a lot of extra maintenance like painting or electric in common areas that don't apply as much with smaller units. 

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.

Each closing, whether multi-family or single family, is going to have some of the same costs: title insurance, attorney fees, inspection fees, appraisal fees, fees associated with financing, etc.

The seller is representing themselves so showings must be arranged with them, and offers made to them directly.

For insurance you often have to have a certain amount of access to get to furnaces, hot water heaters, and electrical panels.

Shiloh, the poster above, seems to find investors and I don’t think he has to offer a discount (most people trying to partner on a property are probably finding properties that are selling for close to retail and then they seek partners with whom to purchase the property and therefore don’t even have a chance at offering a discount since they don’t already own the property as I do).