The best thing is there's no realtors involved in the transaction and no broker commissions on either side. 

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.One thing to note when looking at the individual markets, you can make or lose money in any market.

I have clients and investors ask me about this almost daily.

This transaction almost doubled my portfolio in value and took us to 10 properties and 19 units in total.

Facts:- The owner wants to sell but would be willing to only sell a portion as long as he's not involved in daily management.- The owner is a family friend. - I could possibly come up with the funds to purchase it conventionally, but it's a long shot. 

My brokerage also offers me 3 personal transactions per year where I can keep 100% commission which is another plus.

Was this an as-is transaction or a regular market transaction with no inspection waivers?

At that point they will review daily.  

Transactions must always be "arms-length," meaning he would sell the property for the close to the same price to someone else.  

Once that is over it is pretty normal process.If a house is pre-foreclosure and listed, the transaction is normal length unless it is a short sale.