In very high-cost markets, it’s common for first deals to lean more on appreciation than cash flow, but that can slow you down if every property is break-even or negative after you move out.

If it is higher than that, most lenders will want a clear explanation or will haircut it.On operating expenses, the right answer depends on age, condition, and management quality, but for B and C class multifamily in the Southeast, a 40-45% expense ratio is a common baseline.

Quote from @Wale Lawal: @Clint BradleyYou are thinking about it in the right way and to be honest, a stepping stone single-family or townhome is one of the most common and smart moves when the inventory of multifamily properties is low.

That’s common — it comes down to using the right lender.

Appreciate all the advice and help Common mistake newbie investors make is thinking they have to offer asking price!

Ex: Real Estate Rookie e-book, I candownload Rookie Forms from the Book, but I get that error I mentioned whentrying to download the Readiness Checklist and the Templates and Worksheets.This same thing happens on all of my books....about 10 of them.

There's a common saying in real estate investing: "You make your money when you buy, not when you sell."

then the various value adds the most common (and one I have used the most) is a smart rehab. 

In my experience, this is a common misconception in real estate where people think they buy a deal, do minimal rehab, and then do a cash out refinance after a year.

Otherwise, you will be putting 15%-25% down on each acquisition (most commonly 20%).