How to get started in multi-family properties

[Kyle Houlahan]

Looking for a bit of guidance on how to get started in multi-family rentals. I'm targeting a 10-20 unit apartment building within the next year or two. I think $1mm-$2.5mm range would be a realistic purchase price. 

I intend to have 1-2 partners to put up the capital for the down payment, operating costs, etc.,

1. Should we create an LLC or trust to purchase the property under? Pros and Cons of each?

2. What are some of the hurdles when obtaining funding for a deal like this? Assuming we can put up the capital for the down payment (80% LTV is the standard ceiling I believe) and our personal finances are good (credit score/ DTI, etc.), is there anything else that would instantly kill our chances of getting a loan?

3. I'll be searching for properties that are already rented and will find a local property management company to handle the day-to-day operations. What other considerations should be made in terms of tenants, cap rate, renovations, etc.?