That's a very broad strokes overview, but for any specific property you'll want to do your diligence by working with your agent and verifying rents on Rentometer, gosection8, or anecdotal current data from listings on Zillow/Marketplace.

When the market turns, we'll simply stroke a check off our line and purchase in cash.

Definitely a “broad stroke” answer, but I think for a lot of folks it’s a good rule of thumb. 

Nothing good comes from it except you stroke your own ego.Tell them you are the property manager.

In the event of a downturn, if you’re conservative, perhaps you’re treading water instead of doing the butterfly stroke.

That sounds like quite an undertaking and strokes of good luck and bad, along with tough circumstances that you adapted to. 

Obviously simplified, but there are the broad strokes for one of many paths to your first multifamily. 

What books have you read that you found to be the best “broad stroke” on how to get foreclosure deals?

Neither is bad but there are different strokes for different folks.

So in this instance, this is a stroke of luck if the owners are willing to take less and are ok with me assigning the contract to an end buyer.