I just wanted to get a general feel for this strategy. 

That's what I hear most consistently in success stories: pick a homeowner scenario (inherited house, high equity, out of state landlord, abandoned, etc.), and send many direct mailers to property owners that fit the description in your target area.

What's the best strategy to approach the owner?

At the end it is consistency and drive that will get you to be successful! 

It's a great series of episodes that puts the education into a great order to learn the basics and even advanced strategies.  

This is a great strategy but does not function here in Utah or Florida.  

I am looking to implement a buy and hold strategy for 2-4 unit multifamily properties since I am looking for an ideal balance between positive cash flow and appreciation potential.

Below is what you need to know that underwriting and programs guidelines don't tell you when considering a 223(f) apartment loan.AdvantagesHighest LTV in the marketEliminate refinance and interest rate risk with fixed rate terms up to 35 yearsLow fixed rates based on GNMA securitiesNon-recourse and assumable - makes for a great exit strategy especially in a rising rate environmentNo defined financial capacity requirementsNo geographic restrictionsNo minimum population requirementsSupplemental financing availableDisadvantagesLonger processing times - 120 days at a minimum (6-9 months is typical)Higher fees - HUD and FHA fees add to the overall cost of the loanMortgage Insurance Premiums (MIP) - Initial and annual premiumsAnnual audited operating statements requiredReplacement reserve escrows requiredHUD property inspections requiredOwner distribution restrictions and Cash out restrictions 2x a yearProperty condition is important to HUD, both during initial underwriting and over the life of the loan.

To use the BRRRR  strategy means you want to get all or most of your Cash out using a Refinance loan.  

What is your exit strategy plan on this property?