I am looking for a 40-100 unit apartment complex

[Jeff Fortuna]

I have talked to two lenders out of state to secure financing (Freddie Mac Fannie Mae non recourse with 20 percent down ) they are telling me I am able to secure a 2M loan. What should I look out for as I search for a cash flowing 50-100 unit apartment complex?

[Matt Castle]

Lots of things: 

1. minimum 2 years rent roll and P&L statements. 
2. List of repairs for last 2 years and mandatory/expected repairs list. 
3. ask to speak to resident/property manager(s) directly. 
4. look up any local/city, state complaints against the complex. 
5. drive through it several times of day over a weekend to see for yourself what it's like day & night. 
6. check police reports for criminal activity, noise complaints, etc. 

I could go on but I've managed property for a while so once bitten twice shy. 

If you're open to any US state, look up those which are landlord friendly versus tenant friendly, have lower tax rates, better economies, growing populations, etc., etc. 

If you're investing this much $$, it's worthwhile to stack the deck in your favor by making the best $$ decisions you can make.