Chances are slim that you will get a workout on this being they are so close to foreclosure. 

If most owner occupied borrowers are balking, slimming the pool of buyers, and condo financing is tough because of occupancy ratio, then you would hoping your getting this under value of similar size units in the area.

I've been trying to help him figure out his next move but I don't think I've been very helpful as my knowledge of these kinds of transactions is slim.

I was a time capsule from the '80s. 

Right, it's very slim.

@Justin Brown might be a little more in tune to LV MF but I casually keep myself abreast of what’s going on in, and as others have mentioned inventory is slim.

Now the amount of properties available are slim, but not sure how ready they are going to be to fight/prosecute you... for having a discounted rent option for "Good Neighbors Next Door"Good Luck on whatever you do!

Financing:  Chances of you getting financing for a new LLC are slim to none unless you have a track record with your lender.  

Slim margins, especially considering, IMHO, we're at the peak of the market now. 

Second from slim to most it goes [1,2,3,5]. 4 is “renters”; 6 is condo, 8 is modified value.