Turns out the guy owns 4 multifamily units, I would be interested in purchasing 3 out of the 4 but I simply do not have the funds to do so. 

If you're simply assigning it or double closing with the investor's funds then you want to advertise yourself as "the source" or "the one in control" to clarify that there is no daisy chain.

If you have read this far, thank you, and I am wondering if you can give any input towards what you have read, such as advice, or if you see a hole in my plan, please by all means point it out.

This is not a foreclosure it is simply making a few phone calls to find a willing seller of a property that isn't listed.

This could still be a good deal, if you are simply looking to park your money somewhere, but just be aware of the cash flow you will actually end up pocketing.

Are there any issues with his apartment that would lead you to believe that the maintenance expenses will be signficantly higher than the other units or is it simply dated/messy?

You can RSVP here (an account is required) or simply show up - but registering would be helpful so we can plan accordingly with printed materials: http://www.meetup.com/Networth-Investors/events/22...Light refreshments will be served - please note that Somerville is mostly resident parking, so be sure to give yourself some extra time if you're driving in, try to carpool, or take the T.  

P.S. they would not give me the mortgage service pmts so It's safe to say this property is in the hole for the past 5 years even if there payments were $500 a month.

I simply mention this as something you might also consider referring to when buying any property.  

This strategy should also protect the downside a little better by offering a larger pool of buyers in the future.The way we try to claw back the cahsflow/equity is by targeting short sales or wholesale deals that may require rehab but are priced well below market value.We are not reinventing the wheel, simply implementing a tried and tested method.