1st off I've been scanning and combing the forums posts to try to find some info on this and I haven't found much.

People choose wholesale deals because they don't want to comb through the MLS to find value.

Steve Combs' non-legal advice above is probably better than my non-legal advice...

I also just combed through the comps in the neighborhood one more time and even though there aren't other 4plexes I can find, most buildings are still at $210k or below, so I agree that it may not appraise well.It's been feeling increasingly risky since I got my offer accepted and have uncovered more about the property.

I would also recommend combing through Commercial Real Estate Investing for Dummies, you can find it free online.

Now it needs to be done with a finer tooth comb.  

Check if utilities are sub-metered for each unit, making NNN leasing easy.2) Taxes & Insurance - Get statements from the seller and verify they match city/county records3) Contracted Services - Make sure you review any cleaning/maintenance contracts that will transfer to you at closingMost importantly, review local comps and market occupancy with a fine tooth comb.

Is the idea to comb the 'final reports' looking for surplus, then try to contact the beneficiary of these funds?

There are a few ways to go about it, but it is pretty challenging if you don't have direct access to the data (mls) and being your first deal, I am assuming you may not have a lot of experience combing through market data.

Having to comb though all of your personal transactions to fish out the real estate ones can be a big time water.