It is harder than single-family because apartment buyers are much more sophisticated.

I recently had an offer get rejected for a cash offer 20k less than my offer because of the perception of VA home loans being more difficult on the sellers.

Then of course it depends on whether it is a "cash flowing" or value add opportunity and the expertise, sophistication and experience of the GP to make things happen.

All investors are sophisticated with at 50k minimum investment, and since I have personal relationships with all of them, and I won't be advertising this publicly, they won't need to be accredited (that is my understanding). 

Your detailed breakdown helped me revise my perception of hard money costing too much to acquire properties with. 

The letter game is about arbitrage in timing market perception for a region.

This is what will get their attention and convey experience and sophistication.

Let's say I have a week stay at your accommodations next week.You refuse to refund.I come because I have 1100$ to lose along with a contagion.I'd rather be messing up your place, rather than mine.Enjoy, the clean up.As unlikely, this will happen, it's the perception.

Further, they have developed rather sophisticated systems for marketing allowing them to generate leads of potential sellers fitting a particular profile.

It can be a little weird to navigate at first, so let me know if it would be helpful to hop on a screen share and I can walk you through the basics. https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspxThese are all pretty sophisticated tools, but in the end, if you have boots on the ground in the city you're looking at, you'll be well served just driving the neighborhoods at different times of the day.