This can come from many different directions, but most commonly it is people that you have a personal relationship with and/or a referral from a close friend that I trust, especially when you are starting out, and even then it is still hard because you need to not just have these friends, but they also have to have some liquidity to invest.And to address your other question about track record in SFR vs MF, to some extent you are correct on the assessing deals. 

Banks have unsecrued LOC's that are not reported I have two of them with different banks but these are VERY difficult to secured and require 6 figure deposit relationships to 7 figure deposit relationships..

It’s tough to balance and, historically, the Fed has tended to move way, way too late one way or the other.

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It’s your playbook.A missing clause is like leaving your front door unlocked.Add something simple like “Tenant responsible for the first $50 of minor repairs.”You’d be shocked how that one line changes the tone of your relationship.

But the real key isn’t just what they do… it’s whether the way they do it aligns with your strategy.Here’s what I mean:If you travel often and prefer written records of every update, a manager who only calls you might drive you crazy.If your investment approach is long-term appreciation, working with someone who only focuses on fast tenant placement — without an eye on tenant quality or property care — could hurt you down the road.If you rely heavily on construction or renovations as part of your growth, you’ll want a manager with established relationships and systems to coordinate that, not just a reactive approach.The bottom line: there’s no universal “right way” to manage properties.

No attorney-client, fiduciary, or professional relationship is established through this communication.

No attorney-client, fiduciary, or advisory relationship is created by this communication.

An LLC can help create a clean separation of interests, but it’s not strictly required....This post does not create a CPA-client relationship.

I do not care the source of the total return but historically cash flow has accounted for a very small percentage of my return.