I understand that you essentially take over the existing mortgage from the seller, thus "subject-to the existing mortgage". 

I've heard rumor of it's existence but haven't had any luck finding one in real life (and I've called at least 15 banks & credit unions).

The home inspection will come with some other small things that need to be looked at.Check all the water heating and HVAC, and water pressure in the building.see if you can locate the pressure regulator if you cant it could cost you $350 to find each and replace it.

Our goal is to have our first multi family investment property within the next year, and my aggressive deadline is in the next 6 months (Have some saving to do).Overall, I am grateful for this community existing and for the wonderful resources provided by both BP and its members.

Last week, the National Association of Realtors reported that seasonally adjusted existing-home sales declined for the fourth consecutive month in July, a drop of 0.7%.

Does FHA owner occupy exists for 3-4 unit property and if so can you recomend a bank you had success wIth In past?

For this reason, I have stopped looking for properties to purchase (but will keep my existing LA properties) and have started to put my money into syndicated deals and investment funds that are a bit more conservative and by their nature (i.e., hard money lending, litigation settlement funds, etc.) might hold up better in a downturn and aren't correlated with the RE market. 

A big portion of the lot has a existing church parking lot attached to it with 32 parking spaces.

When you do them, do you follow the regulations of .Frank laws? 

That is very hard with off market deals, because the information about the property is often times hard to get - there is no data sheet about the property - and you are operating in a legally less regulated space.