A bunch of newbie questions here..pls advise!

[Danny N.]

Hi all

I'm new to the multifamily space and have a bunch of newbie questions to ask:

1. Looking into out of state investing and planning to partner up with someone on the commercial side (5+ doors). I believe most agents/brokers will want you to sort out your financing first, but I think lenders will want you to identify the property first - seems like a chicken/egg situation. To me, it seems more logical to sort out the financing first with a lender. If so, does anyone know/recommend lenders that can service nationwide, or specifically in TX, FL or AZ?
2. On commercial loans, my understanding is the lender will underwrite the property's financials. However, since we're planning to come up with the deposit, what criterias will lenders look for in us, besides the usual (e.g. tax returns, paystub, liquid assets, DTI)?
3. Has anyone successfully used a SBA 504 loan to purchase multi-families? If so, could you please share the process and the pros/cons of it (besides its a recourse loan)?
4. The property will most likely be held in an entity (e.g. LLC) between myself and a partner - what are some key things to incorporate in the operating agreement (not in cookie cutter entity formations)? Or does anyone have a recommended reasonably priced attorney that could help with this?
5. While we've been speaking to some brokers/agents, wanted to see if anyone had recommended brokers in TX (San Antonio, Houston, Austin, DFW), AZ (Phoenix) and FL (Tampa)?

Would greatly appreciate any advice on this. Thanks!