Steps in buying multi-family (commercial) properties

[Pinaki M.]

I would like to invest in commercial multi-family properties (> 4 units). I am confused about the steps of the process. I am hearing (and reading) different stuff from different people. For example, some sources tell me to have a contract in place and then apply for financing. Others tell me to get approved for financing first and then sign a contract with seller. I am just starting out, so all this seems pretty confusing, and I am not clear where to start. Can someone please break it down into the various steps involved from the point I find a property to the point of closing the sale?

Also, under what conditions is it mandatory to have an on-site manager? Not sure if the rule changes by state, but I am looking in Arkansas.

Thanks!