Would I offer a cash offer with monthly payments, which would be a lease option, would I put in the contract a certain amount of time until I (investor) take complete control of the property?

To me commercial MF functions more like a business than an investment - You have more control and the better you run the property, the more it is worth - just like in business!

So if you put it to good use you can make up for lost time.  

Remember you don't have to own a property to control it.

That alone cost us almost a week as our plan was to submit on a Friday.By being on site daily and while the subs are there, we will better be able to control cleanliness and scope of work.

Here is the story:The homeowners had a difficult 2011 when they both lost their jobs and their property's value plummeted by 65%.

This way, you "control everything and own nothing".

Remember you don't have to own a property to control it.Download BP’s newest book here some good due diligence in Chapter 10.

Remember you don't have to own a property to control it.

Did we learn anything, yes but alot of half-truths too.Came home and created a Nevada S-Corp and put an LLC under it, assuming we would go national.Property bought was in Calif, so more expense to Foreign File both entities.Started looking into creating my own Property Mgmt (PM) business to control out-of-state holdings.Then I learned:PM requires a broker's license or to be under his control almost everywhereThat stopped National expansionwhich then made the S-Corp and LLC unnecessary (to me; I accepted personal risk)Did get good liability insurance and suggest an extra Umbrella policy if you're going to buy&hold (aka become a landlord).