Searching and putting LOI on commercial deals through buyers brokers (or directly via listing broker)2.

My biggest concern other than the closing costs was that if an FHA buyer tried to come buy it my understanding is they would need to wait 90 days from when I bought it and I think it would only take about a month to fix it up.

They neglected to mention that SROs (single room occupancy, aka lodging house, aka rooming house) also means likely very high maintenance, necessitating supervision and hands-on management.The property had just dropped out of contract because the first buyers couldn’t get bank financing.

The “tales” of nothing down/seller subordinates “down payment” done successfully almost always hide the most important information - that the buyer either provided additional collateral (such as real property owned “free and clear”, a certificate of deposit in an amount greater than the down payment required, or the buyer is financially strong enough that part of the financing was in effect a personal loan or line of credit. 

Direct buyer at trustee sale auctions in Phoenix, AZ How did you finance this deal?

Buyers receive a letter requesting the information from the sale but they are under no obligation to respond.

Did you ever follow up with the buyer to see what they ended doing here?

I have been offered to invest as LP in multifamily apartment deal.Underwriting is supposedly conservative and based on current cap rate (4.5%) and interest rate (7%) so if interest rates go down (which may as Fed has already started cutting rates), returns can be better than the projected ones as can have more buyers for Class A property in few years with lower mortgage rates.

Which is why buyer's love 4 units and it's the most sought after inventory in most markets.

Quote from @Darren Berg: The estoppel is a form filled out by the tenant, then confirmed by the Landlord, then accepted by the Buyer.