1. Cap rates depend on property class, location, and general market conditions. Right now in DFW cap rates range between 4.5% for brand new properties and 6.5-7% for C class that needs some work.
2. 1% of the sale price is usual but many buyers offer more and make it nonrefundable from day one.
3. You need to read a few books on the subject. "Buying and Selling Apartment Buildings" by Steve Burges is a good start.
@Marshall Fairley If this is new for you, I suggest you partner up with someone experienced. You'll save yourself a ton of time and money and headaches.
I’m working on a wholesale contract for a large multi family, and really want to make sure I come across all the correct info. So that I can service my buyers correctly. Thanks for the feed back