Why don't more people chase these types of deals with a downpayment of 10k could possibly get you a MFH (50k mortgage) with multiple income streams?

One last question, I've tried looking around for financing, mainly at the bigger FI's like Citi, Chase, BofA and most are telling me that they won't finance anything under $100k.

Some banks do offer interest rate lock such as BBVA Compass, and Chase.

The property was mortgaged and under water...so he probably didn't want his wife to get chased by creditors. 

Negative ... been there, done that, too ... absolutely do NOT go out of state in search of cash flow ... of all the risks I've warned about in my previous post about chasing cash flow in state, you can pretty much double that for investing out of state.

@Chase Mcduffie, how did this turn out? 

You are giving away a lot of your profit for someone to collect your rent and unclog sinks and toilets.I have a Chase bank account that the tenants directly deposit their rent in. 

Lots of money chasing few properties.

Several of my investor friends who are in the 60s have done this because they are less active and no longer want to chase new deals (investment alternatives). 

Chase Citi Card and Capital One have secured credit cards that report to 3 bureaus monthly.