I'm in Tahoe, let me know if I can assist.

Could anyone who has been through this before assist me in this situation. 

Currently in the process of estimating how much I can borrow and finding brokers/agents.

Then ask some specific questions & many of the seasoned members who are looking for a medium to present their expertise on the topic will chime in to offer assistance.

@Dan Roma, my understanding is that the owner would have "run out of equity" according to the reverse morgage contract they have with their Lender/Borrower - the Bank!

If he offers to charge you a lower interest rate, accept it graciously.You are only paying him interest on the money borrowed.

Hard Money Lender: Your family member could charge you points up front to borrow the money with a fixed time frame to pay back, example six months, but the HML is amortized for one year.

I'm doing a 1031 exchange, so the net proceeds are 423k, and I also had a mortgage of 368k left, so I'll need to borrow at least that much to meet the requirements of a fully deferred exchange.

So you'd pay tax on the $70K but shelter whatever remaining gain there was in the 1031.You can borrow less money and put more down. 

the other question about building a 4 plex, borrowing the 240k to build it @ 4% 30 yrs about $1600 piti, if my figures are right, making about $200 a door, is this a good investment?