You pay these bills and take the receipts to the liens processing office, fill out a form, and they will give the OK to record the deed.

I do like how easy it is to fill vacancies with plexes.For me, a $475k four plex at $1k/mo per unit wouldn't meet the minimum 1%, so I might look for a different area.

Get a flight out here for a weekend, rent a car, and drive every single street in the neighborhoods you're looking at.

That is a big deal a co-operative tenant in showing is a really big help to fill an upcoming vacancy.As for reduction you need to run your numbers but I would think that really is too much of a reduction.  

There was a note about filling out form 4797, my question is do I include the sales price as 100% or 50% not only only the owner section part of the forms but also on the form 4797?

While YOU can think of what the property is worth to you in any number of ways,  if you are filling out a personal financial statement for a lender, it's the simple 'current value minus any loans' formula that will be used.

Copy and fill in the blanks.

Fill out every section of your profile.

With the proper paperwork filled out of course. 

The RE is a HUGE industry that I am sure is filled with TONS of scammers, fraudsters, and everything in between.