@Dani Beit-Or Approach a 'surety' company that provides these construction related bonds and see what they say as far as bonding the lien off.

The approach I take is actually marketing to specific zips and focusing on putting the following primary filters on my list: year built 1999 and prior, purchase date 1999 and prior, purchase price/total outstanding loans/first loan amount $80,000 or less.

If you are looking for a system approach for a single unit, I'd consider looking into TenantCloud. 

Could there be a downside to this approach?  

The 20% down approach will take a few months. 

When you approach your purpose with humility and take on a guide that will help you on your path you can grow exponentially fast.

With 4 plexes and below, the sale value is based on the market approach, so potential buyers will look for sale prices of other duplexes in the area. 

My friend and I are looking for any guidance regarding the approach we should take when contacting the owner; i.e., what questions to ask them, what information to disclose about ourselves Furthermore, should we have a real estate attorney in case the owners are interested in selling? 

Once the rehab was a month from completion I approached my lender about getting an appraisal for a cash out refi.

Do you agree or disagree with this approach?