"Who needs the bank" by Bob Zachmeier is a great, fast read on the basics of owner financing. 

Hi Babu,A simple rental property balance sheet will have the following accounts:Assets: Cash, tax and insurance escrow, fixed assets and depreciationLiabilities: Credit cards, security deposits, and loansEquity: Opening balance equity, owner's contributions/distributions, retained earnings and net incomeThere could be a number of reasons that your balance sheet does not balance.

Should I be reaching out to current owners to find out if they are willing to sell their property and get more information about the property?

Welcome to the site @Joseph Strawsacker!

Use sites like Bigge­rPockets for study.

If so would anyone have ideas on how to secure it when there's nobody on site?

This could mean a vendor to owner relationship or a sub contractor to vendor  relationship. 

I'm considering purchasing a condo that is non-warrantable (not eligible for conventional financing) because one owner owns too many units and there is a pending lawsuit against the HOA.

You can still buy some that are near the future site of Intel and delay cash flow or you can target some up and coming neighborhoods for more immediate gains. 

Typically the "owner" of the "firm," on paper, is simply a Loan Officer or Branch Manager, and all "his" employees are actually Loan Officer Assistants with pay-stubs that say "XYZ Lending" on them.