The real deciding factor that I was waiting on for Apple was when they went with the bigger screens.

The property taxes are significantly lower, so it improves your cash flow, without changing the factors of the deal.Good luck!

What is required and what is the determining factors like Credit Score range, income verification, letters of recommendation, etc?

It will be owner occupied for a minimum of a year and i currently own my own condo which i will rent out so the multifamily will be my primary home.FactsPrice range for the property is 300K - 500KMonthly payment for all properties i have explored with agent is 925-1230 (all the analysis factored in projected rental income and maintenance and most of them were already rented which gave us the rent needed for underwriting)Current cash saved for downpayment = 45KIncome = 80K (45% is 3000/month)Condo PITI+HOA = 720  (currently FHA)(market rental for similar units in my area is 1000-1200)Total monthly debt + Condo = 2000 (approximately 250 is credit card debt at 0% that can be paid off if needed but have been saving the cash for DP)As you can see i will not have enough for a 20% down conventional and cannot go FHA because my current place is FHA financing (the refinancing process would take too long to switch to conventional).

The following is a partial list of things that wear out or become outdated over time and eventually need to be replaced for every property:-Roof-Siding-Hot water tank-Furnace-A/C system-Electrical system-Plumbing system (inside)-Sewer service line-Water service line-Any concrete exposed to the elements (sidewalks/porches)-WindowsIf you calculate the cost of replacing each of those items and divide them by the expected useful life, then sum that up, you'll come up with a monthly amount that you can expect to spend on capex over the long term.

@Xavier Randall  the nice thing about Zillow is you can see the properties currently "On" the market (MLS, make me move, and FSBO) because the are exposed to the market (buyers looking for properties).  

The fear factor of calling back has already gone from where I started at maybe an 8/10 down to a 2/10, I think this is the main thing that keeps people from getting started.  

It's a long shot depending upon factors that include the owner's fiancial profile, but a bank may want to do a SS vs foreclosure.If the bank will accept a SS have him list it with an agent and make an offer.  

The biggest determining factor is whether you have applied for credit.

It just reduces one of the many factors that could stop the deal from happening - mortgage contingencies.