This is vital because you don't want unnecessary inquiries on your credit profile.Lastly you can look at most properties without a pre approval here in the states so I dont know for sure but I would assume its similar in Canada if not the same as here.

Partners can be a vital part of any business, but you must choose them wisely.

Based on the pricing expectations of seller and a recent loan modification in 2017 of this 2nd note I would expect this to be performing but you would want to verify and review pay history since the modification.    

I am hoping to come up with something that utilizes the owners financing that is in place as well as minimize my risk.Would loan modification be an option to get the mortgage down to the current reality if the owner is not having a problem with payments?

Even a major recession can be survived by a max leverage strategy, with the vital caveat that you just cannot sell during the time that prices are depressed.

With an empty building certainly you can make repairs, improvements or modification far more easily but you do not have income until you get the place rented out. 

If I can't work to create a win-win with the borrower on a reinstatement, trial payment plan, or loan modification, then I have to look at deed in lieu of foreclosure or potentially end up foreclosing on the property.  

We were fortunate to ride a hot market to increase profit and its vital to keep a pulse on that but without a little creativity we could have easily accepted the 'no' after the initial offer and moved along with life.

We used to be able to go to the Bureau of Vital Statistic and get birth and death certificates.

Here a lot of house are built in the late 50's or early 60's and with a lot of modification.