If you're looking to house hack, this could be a viable option; otherwise, most lenders still require 20%+ down for small multifamily deals.

If they are a dentist, chiropractor, electrician, baker, hair salon or anything that requires a building, buy and sell or lease to them. 

Units require at least a true 1 bedroom.

Something that requires me to have no knowledge, experience, or involvement?

Womp wompIf $4000 is 3 years cash flow this is probably not a good deal.I have a minimum cash flow requirement of about $4000/year due to the cost of things like roof, HVAC, vacancy, painting etc.Have you penciled the deal out to make sure it makes sense?

It is feasible, but needless to say, it is going to require a lot of constant grind. 

I must be weird in that, even if a MLO's focus is going to be on investor deals, I still require the license. 

The owner is asking $55,000, but it requires substantial renovations.

Some have no limitations, some have owner live in requirements, some allow a percentage of properties to be rented it out.

No one here is going to be able to give you a straight answer.In terms of finding good materials at good prices, there are generally areas off the beaten path where contractors go, but it might require a wholesale license.