I have been keeping my eye on a 3 plex in Tucson, AZ. I have seen the property go Under Contract 5 times in the last few months, and then return to the market. I asked the listing agent after the first couple of times it was put back on the market if there were major issues with the property, and he told me no, and that financial and personal problems had sunk the deal, but now after 5 times, I am really doubting that is true.

The property has probably been recently inspected, can I obtain a copy of the inspection report somehow? The property only appeared to need minor cosmetic work in the photos, is the listing agent obligated to tell you about major problems present?

The inspections that were done were paid for by the prospective buyer so it's their property. Anything they was found that is significant would technically need to be added to the property disclosure but that's not guaranty it will be. You could ask for an updated disclosure from the listing agent and express your concerns. Falling through 5 times is very fishy. Buyer beware.

just get it under contract for a REALLY good price and put or have someone put a subject to pass inspection clause and or subject to pass a phase 1 environmental report done. Work it into the deal that the seller pay for the report or inspection or BOTH. if theirs really nothing wrong he wont care.  

good eye keeping that property on check by the way. The fact that you noticed its been on and off the market 5 times says a lot man.