Dave Anstatt I agree with Aaron McGinnis , no money means no share.

I can't tell from your post, but if you are just speaking of multifamily meaning a duplex or triplex to house hack to pay your mortgage, then I would focus on where you can get a good professional job first, then look in that market for a place where the numbers work to house hack.If you are looking at larger multifamily in Memphis, then try to talk to @Erik Nowacki who moved from CA to Memphis to own and manage multifamily.

The days of buying at $.30 to $.70 on the dollar are gone with the exception of a few deals and I mean a few. 

You are missing the proof that you have the means to close on the property.

So my grandmother is 80 years old and just stopped working officially last week.She owns a home and stills pays a mortgage on the property and since shes no longer working,does not have the means to pay her mortgage any more.I currently live with her and told her i wouldnt mind paying the full mortgage costs and all the bills that entail in owning a home but i would like to be a co-owner and when she passes the sole owner of the property.The house has been appraised at around 400 thousand and she owes currently about 225 thousand.I wanna know what options i have that maybe i havent heard of or seen,any insight or ideas are greatly appreciated.Thanks in advance,Alex.

Didn't mean to post 2x.

However, what does that mean from a document point of view?

You'd be doing well if you could find something even slightly undervalued (which is likely your realistic best case scenario as an outsider coming into a hot sellers market), meaning that it will probably need a little work or updating.Lastly, whether you're able to find something technically below market value at all or not - I'd buy in a stable, desirable area/neighborhood.

Does that mean water utility is currently in the Tenants names?

I'm Asperger's, which means I was born without the "bones in my head" which help us relate to and interact with others.