Multifamily deal found and can secure funding

[Antonio Pican]

Hello BP,

Do you have to get a property under contract prior to pitching the deal? If so, a property selling for 800k-1mil...what are the steps to get it under contract in a multifamily deal, is it a must for a earnest down payment or are these deals typically executed without an edm but an expressed interest given a due diligence period in a reasonable amount of time?

I foresee a common mistake to get excited about a deal and secure potential investors but the property is not under contract. As a "syndicate" or an individual orchestrating the deal with potential investor/partners is this a cost I must be able to provide?

Thank you in advance.