@Ali Joseph You can just run an MLS search for properties sold recently using cash or a renovation loan.

The seller has already provided soft copies of the 1040 to the bank but with social security numbers and other personal information blurred out.The question is... why does the bank need the sellers 1040 from IRS?

Or find agent and see if they would do a reverse search on the MLS for recently renovated investor owned homes that sold within the last 180 days.

Print off a copy.

This suggests to me that the condos are actively being sold but significant inventory remains. 

I had one building I turned it into a condo and sold the storage condos to the floating homes on the Columbia river.. that was a good play. 

You will need to work with seller and lawyer to draft up a copy of agreement.Think about it as a regular real estate transaction, however upon sale- the owner then becomes your bank.

My goal is to be able to buy single as well as multifamily homes and live off of the rent (long term goal) Ive also met with a broker who works with short sales, he takes on about 10 "projects" a year presents you with the short sales in area of interests (mainly Long Island) along with high and low comps, he asks for a percentage (unknown, at our discretion it appears) of the  profit after the property is sold, he typically works with investors who buy and flip. 

You can contest the appraisal if you can provide sales of homes in your area in similar condition that sold for your price with finished basements.

I just sold a SFR (326% ROI!!)