is now a good time to by commercial multi-family, or should i bide my time and see what happens?

Yes. You can get 100% financing for what you need at 100% LTV using a method called "substitution of collateral. Another method would be to use a Non-Signatory Business Line of Credit that is attached to a Shelf Company that you purchase.. Beware though. Make sure it is NON-Signatory (no minimum credit score needed), that they have a money back guarantee, and most important that they have the LOC's already attached to your Shelf Company. This has a number of advantages, not the least of which is once you acquire these LOC's you can use them over and over again without asking for permission.

Good time ... possibly. It all depends on the specifics on the deal. You can buy property right in a good market and you can buy it right in a bad market.
Hard to find high LTV traditional financing right now. Recent national survey showed 55% of commercial lenders are anticipating making NO new loans in 2009.

Yeah, I have two lenders I work with and heard there are some programs out there for multi-family. Let me know if you are interested.