A purchase of $209k, $15k rehab, and ARV of $240k doesn't get you any thing back after you factor in all of the closing costs to purchase and to refinance.

Also unfortunately, we haven't held anything yet to build a portfolio.

A lot of factors go into this. 

I come from Europe too, and I know it can be overwhelming when you look at the real estate market in a new country and with completely different building technics ( sticks instead of bricks), but is not as bad when you have the right team in place. 

Aim for 720+ for best rates, I suggest start building relationships with your local lenders.

@Heather Bailey while I live in my duplex, I have a standard Hazard insurance policy and I also carry an additional 500k umbrella policy (optional); both policies cover the entire building, but there's no separating it. 

Looking for building from 1950-2010 anywhere from 10-100 units.

The builders that were building rentals are most assuredly going to switch over to rebuilding the higher profit multi-million dollar homes.

I really want to do an apartment building but i want to build a track record first of smaller deals and just looking for a strategy to get into deals similar to a subto or wrap.whats an agency loan?

Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area.