The family does not desire to move, but they owner financed the home, and the owner is calling in the note.  

How do you find multifamily units in desirable neighborhoods and towns?

I am not looking for them to use thier credit, but  only seeking additional finances to help me fund my 1st deal.Any suggestions, things to beware of etc......all greatly appreicated.

.$650k x 70% = $455k$455k - $10k for minimal work = $445k$445k - $7k your desired fee = $438k$438 is the MOST you should pay, and that is assuming very light rehab. 

We are using 401k funds for rehab so property will be free and clear in 5 yrs.  

I'm a financial planner by profession, I deal largely with company and state retirement plans and assisting clients with retirement funding analysis.

Its understandable as more economic turmoil overseas leads to more investment in the US, coupled with a natural desire to create passive income. 

@Eric Schleif,  I'm looking to fund my rental Property in Baltimore.

I've also used them for the funding on my personal home and plan to use them on my upcoming rental purchase.  

Two (of three) are located in an adjacent county that is considerably less desirable than that of the subject property.The LO mentioned a full appraisal is an option, but the price is $1k IIRC.