Let’s say the property is free and clear nothing owed, owner decides to seller finance, at some point the buyer stops paying for property.  

Also pretty common to see owners not be very good at raising rents. 

Lots of misinformation in this thread, so what's new....Conventional loans are secondary market loans, 80% LTV without PMI, you won't get PMI on a fixer based on an appraisal.Portfolio loans are held by lenders, they may use conventional underwriting but may vary and can finance fixers.The rule is: The LTV is based on the purchase price or appraised value, whichever is less.There is no ARV in conventional loans.Multi family is 5+ units, SFR is 1-4, (Jerry meant to type 2-4 @ 25% I'll bet, not 1-4 as 1 is a single family detached dwelling that can be at 95% owner occupied conventionally).  

I will pick 5 or so zip codes that I am interested in and pull absentee owner lists for the last 6 months for each zip code.

It  was quite inexpensive so I feel good about that, BUT  I have two concerns and would love some perspective and insight.1- The prior owner of legal record has died. 

However I just rented my significantly less nice 1 bedroom apartment in Cicero in like a week.This is an owner occupied building and admittedly renting it out was not my primary objective when we bought it, so I didn’t pay as close of attention to the rental market.However I would still appreciate some insights from people familiar with rentals in the area.

If the A-B contract that you had the current owner sign calls for EMD, you as the wholesaler would be expected to put the deposit down with the attorney and once you have your B-C contract signed with the end buyer and the settlement closes, you would get your emd back along with the release fee.

I asked her further and she explained that it was a year into covid (2021) and everyone, property owners and working class, took a hit but that she tried to make it right. 

- Aside from the following: Condo fee, tax, home owners insurance, hurricane insurance (is this in addition to home owners insurance)?

https://themortgagereports.com/107690/fannie-mae-introduces-...Lowered down payment requirements for multifamily homesIn a significant policy change, Fannie Mae has announced that, starting from the weekend after November 18, 2023, it will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes.