How do you scale from 2 properties to 100?

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Fellow BP friends,

Please educate me on how to grow from 2 to 100 1-4 family rental properties. I get bogged down around 10 in the feasibility on the financing end. I would plan to outsource management until it became feasible to start my own management company.

My understand is that one would need commercial financing starting with the 11th property, but on what kind of terms? Isn't it always going to be on shorter-term loans which put you at interest rate risk regarding holding the property long term? Another option is owner-financing, but how often is this a real option? Aren't 95% of sellers of 1-4 family properties against owner-financing?

Is there an obvious way to do this that I am missing?

Those of you who have gone from 0 to 20 or 100 or 500, I would love to get your advice.

Thank you!

-Josiah Smelser