Auctions, foreclosures, wholesalers, personal contacts...plenty of choices

Good choice.1: Everyone will tell you the same thing - Find the deal first and the money will find you.

Would it be beneficial to re-contact the owner to see what he would sell it for now, or is it out of his hands and into the banks (and now a short sale), or should we wait until the sheriff sale if the property isn't withdrawn?

They aren't looking out for the homeowner, they are chartered by the state to look out for the renter (ironically, paid for by the landlord and other taxpayers).Hopefully he can prove the damages happened after July 2014 so he can get reimbursed from Section 8 by the Housing Choice Landlord Guarantee Program.  

So investing in MFH in Utah is not my first choice as the market is sky high, as you've seen, so I'm looking out of state (AZ, MI, FL). 

Being the beneficial interest is not a problem for him just holding an account solely in his name is.

I am late to the party here but you made the right choice, you were paying retail on this one. 

Vincent,As you mentioned registering your actual entity in the biz plan of your choice is relatively simple.  

Definitely one of the best choices I've made.

You might need to consult with an Attorney or CPA to determine your type of company to keep you personally protected, a pre qualification letter from your choice lender, and your primary Team members.