In order to set one up you need to be a small business owner or have legitimate self-employment activity. 

The previous owner paid for the heat and was wondering if anyone else came across this situation and what should I do about it?

Oh, and this month we  are having a one of the owners/ lawyer of Common Wealth Trust Services speak about setting up Land Trusts to do your real estate investing.Have a blessed Day!

Moreover, when private or specialty lenders do for example business-purpose loans on non-owner occupied property certain disclosures and documents aren't required.

There is a lot of "shared space" in multis and those costs tend to fall on the owners rather than the tenants.Feel free to send me a message if you have any questions.

I've looked at my county's CAD and found a name of the owner. 

Do you intend to tell the owner you will walk if you cannot assign?

The owner has paid so far $70,000 on his mortgage(bought the property for $105,000) but due to personal reason he hasn't been able to make last few months mortgages, in total he is $5,000 behind.

-with the current owner redoing 3 of the 4 units before purchase, I feel like this deal is a no brainer.

The lender that I have been using has informed me that the condo is not Fannie Mae approved due to the fact that one owner owns more than 10% of the units.