How do I buy a 20 unit as my first property and not get burned?

[Jeff G.]

I've got my eyes on 2-3 apartment complexes on LoopNet that have made it past my BS filter. These all have a unit count in the high teens or low twenties. I have some specific targets in mind for cash flow and cap rate. Besides that "numbers first" mindset, I'm kind of out of my league.

My gut says I shouldn't move on these specific properties, because they're in states that are losing population and none of them are in the best part of town. So, I'm starting to look for similar properties in other states that are doing better economically. Bearing in mind that this will be my first acquisition, what do I need to know and do to get all my ducks in a row? I don't want to waste anybody's time.

Right now, I'm reading David Greene's book Long-Distance Real Estate Investing but I'm not sure that's going to cover all of my bases. I read a different book specifically about apartment investing several years ago, I think it was Crushing It in Apartments and Commercial Real Estate, but to be honest I need to re-read it.

The essence of what I'm getting from Greene's book and what I remember of the apartment book is "build a team and systematize everything." Okay, noted. But, I'm struggling to answer more basic questions:

* I do have a down payment for a property this size, but I'm fuzzy on the exact percentage the bank is going to expect. Is it 20 or 25% down?
* How many months worth of expenses do I need to tack onto that to make my numbers work?
* Is there anything like a pre-qualification phase like there is with a residential mortgage?
* For the more experienced among you, what is an instant deal breaker even if everything looks good on paper?
* If I identify a possible deal, is it bad form to reach out to the property manager directly and ask about the property's pain points?
* Are there any regulatory burdens I need to be aware of for properties of this size?
* What tips do you have for building a team and systematizing stuff.
* Where do I go other than LoopNet to shop for apartment buildings?

I'm keenly aware of how little I know and how badly I could hurt myself by acquiring the wrong "deal." Any direction on how to get started down this path would be very appreciated.