They keep the unit fairly clean?  

We're aiming for around a 20% downpayment since we're so young and credit takes time to build.We're hoping to do the Cardone approach to investing with multifamily and buying 4-12 units at a time instead of buying single homes.

Also, putting $40k into this deal does take a substantial amount of our cash and we were hoping to acquire a second property within the next 12 months.This market does see a fair number of properties in the 8 - 12% cash on cash return so my gut is telling me to walk from the deal.  

It's fairly common for owners to list the wrong mailing address (intentionally or unintentionally).I've even seen vacant lands list vacant lands as the mailing address . . .

I live in Southern California Los Angeles area, have a W-2 job in Irvine and no expenses or debts, with an excellent credit score. 

Banks and credit companies repo cars all the time.

Ok, I'm hoping this is a one time thing, I mean they have awesome credit so surely they pay their bills.

That being said, I royally torched my credit and my savings over the past few years. 

I don't have a W-2 job nor tax returns from the last two years to be able to pull the mortgage under my name/credit/income.

(this makes HELOC's essentially unavailable to me=/)My situation and where I am seeking advice:currently seeking lines of credit from multiple banks.