At the end of the day, the thing to be concerned with is if the creditor filed a judgement and all of a sudden their income was garnished before they got it.

Elizabeth like all the other posts Ive had concerns about you are spot on!

My assignments are very clear and lay out all the rules concerning inspection period, marketable title and who pays the closing costs and title fees and costs.

I am told that the first attorney they went to wasn't able to help them and that he/she referred them to another attorney who specialized in this type of deal, but he wanted to much money so they decided to just pull a generic contract off the internet (I do not yet have the contract in hand or I would post it).Some big concerns I see with this.1.  

There are other FHA requirements concerning which you should contact your local lender, but determining whether or not a triplex or fourplex meets the self-sufficiency rule is a good place to start as this rule will immediately eliminate many properties from your search, especially in expensive markets like ours.

The numbers I am mainly concerned with are the expenses such a taxes, insurance, garbage collection, vacancy rate, etc.

However in my opinion your concern before trying to Subject to the property should be do the numbers make sense?

Yeah, the main concern (other than finding a property) is understanding the tax implications.

What is the bank's biggest concern?

One of my concerns is usury laws.