Looking at the number of sales with with large down payments or al cash purchases, I'd assume quite a few owners are in a similar financial position.This would reduce the number of units hitting the market, and also spread them out over time which would reduce any significant downward pressure on prices.If there are going to be opportunities to pick up discounted units, I think it will be within the next few months while owners are in a panic and trying to sell.

That would allow you to purchase the property with a relatively small downpayment, use your capital to renovate, and then refinance to knock out PMI and recoup some or all of your capital investment. 

What is that process like, do i need an attorney to help close the deal, do I hire a TC, do I do a title search or all of the above? 

The listing agent is responsible for any or all of the following: photos, room measurements, data entry, talking to agents, assisting the owner with reviewing tenant applications, getting the lease completed and signed, collecting the first month's rent and security deposit.

They have been good tenants and will probably get most or all of their deposit back. 

Oral rental agreementsIn an oral rental agreement, you and the landlord agree orally (not in writing) that you will rent the rental unit.

This was (and is) a continual reminder for me personally that my understanding is limited, my goals may be inadequate, and my plans and purposes may be shortsighted.

Plus, these are typically old houses (100 years) and will have many of the issues that old houses have such as metal pipes that have corroded and prone to clogging, inadequate electrical distribution, poor or no insulation, roofs that are high above the ground and expensive to get repaired, old wooden windows that probably need reglazing or replacement and the list goes on.

What underwriting makes any, none or all of the options feasible in this market?

Are you getting a loan or all-cash?