Another very important thing, I recommend looking into any rental regulations and codes/laws that exist in that locale.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC.If you want to close in the name of a LLC, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).

How well do you know local building codes and fair housing laws?

Check Fire Code Before Buying Multifamily.

I would also, if possible, pick a zip code within that city.Houston, Dallas, and Austin, while all are within Texas are very different.Best of luck to you!

The day before I arrived, I had no choice but to text Chris and ask him for the lockbox code.

An email went out this morning with the code to active the perk!

Most codes require egress windows in all basement bedrooms and all basement units. 

If someone is buying a 50 million value add multifamily and porking debt to 75 or 80% LTV you are asking for failure unless you bought at the very bottom of the cycle recovery process for that asset class.They massage debt with interest only, floating rates, short term fixed loans, rate buydowns, etc.What that is code for is the deal is so marginal that they have to think of other ways to make it work to entice investment.

How to find reasonable square feet price of this area or zip code ?