The owner has paid so far $70,000 on his mortgage(bought the property for $105,000) but due to personal reason he hasn't been able to make last few months mortgages, in total he is $5,000 behind.

-with the current owner redoing 3 of the 4 units before purchase, I feel like this deal is a no brainer.

The lender that I have been using has informed me that the condo is not Fannie Mae approved due to the fact that one owner owns more than 10% of the units. 

It's an owner occupied rental.

It might be more of a concern in a complex dominated by owner occupants, who would be more likely to push through HOA rate hikes that are less likely to see a net gain for an investor.Your cashflow is entirely based on how much down payment you bring to the table and terms of the loan.

Then look in the county assessors website to find the owners. it should give their name and mailing address.

The owner has paid so far $70,000 on his mortgage(bought the property for $105,000) but due to personal reason he hasn't been able to make last few months mortgages, in total he is $5,000 behind.

I think all you need is a title company to close your transactions - no don't need an account at this time - most title companies have lawyers to close your transactions -You should make sure that you buy real estate at a giant discount - Understand the management process - learn how to be a good landlord - a tenant is a customer - the tenant is the person who will pay for your mortgage - treat them well.Find discounted real estate from landlords who find themselves in rent court -Start to deal directly with owners - I don't think you should depend on agents selling retail properties - you need to go under-ground for great deals -Tax salesPublic AuctionsRun print ads and radio commercialsInternet - 5 weeks ago I created an internet site - I have received over 200 leads - have 70 offers out there and 15 ratified contracts - learn those systems and you will do well.Expired listings - go knock on some of those doors - an expired listing is  FAILURE of property to sell - I am sure the sellers are not happy - go find them and solve their problems.Direct mail to commercial properties owners - commercial buildings can be  great profit center - when you advertise for real estate - signs - internet or mailings always advertise - WANTED REAL ESTATE - houses - commercial and non-conforming properties - all cash -as is - no commission.

Couple A is willing to live in the bottom portion in order to get the better rate and less down since it will be owner occupied.

The current owner had a partnership in it, which dissolved and is why they are selling.