Do they use pen and paper to record this information or do they have some sort of software to manage it? 

Check out this podcast from BP, with Dave Meyer and Chris Clothier from Nov.we work with clients all the time in your situation and can help strategize your portfolio to reach your 10-15 year goals!

Quote from @Perry Lierman: Thank you, this is perfect! 

If I was the buyer's broker, I would have checked myself to protect my client.If they had, then they would have found out it was not a three family.

This would be my first real estate investment, making the decision even more critical.I understand that backing out would mean losing the $2,000 earnest deposit.

The information contained in this post is not to be relied upon.

This is absolutely correct. 

So any information will be very much appreciated.  

It's crazy to think that a seller would do this.

I came across some critical information today that I think is important to share with you:In the aftermath of the LA fires, it has become evident that some homeowners’ insurance claims have been denied or disputed because the property title was held in a trust, but the insurance policy was under the individual homeowner’s name.This serves as a valuable reminder to review your insurance policies and ensure that the ownership structure on your property title matches the named insured on their policy.