Below is what you need to know that underwriting and programs guidelines don't tell you when considering a 223(f) apartment loan.AdvantagesHighest LTV in the marketEliminate refinance and interest rate risk with fixed rate terms up to 35 yearsLow fixed rates based on GNMA securitiesNon-recourse and assumable - makes for a great exit strategy especially in a rising rate environmentNo defined financial capacity requirementsNo geographic restrictionsNo minimum population requirementsSupplemental financing availableDisadvantagesLonger processing times - 120 days at a minimum (6-9 months is typical)Higher fees - HUD and FHA fees add to the overall cost of the loanMortgage Insurance Premiums (MIP) - Initial and annual premiumsAnnual audited operating statements requiredReplacement reserve escrows requiredHUD property inspections requiredOwner distribution restrictions and Cash out restrictions 2x a yearProperty condition is important to HUD, both during initial underwriting and over the life of the loan.

Just wondering if any of you successful (defined however you want to but mostly those of you that have closed more than 1 deal in the last year) wholesalers currently or have cold called leads from real estate websites and found success.

Townhomes usually are defined by controlling the land underneath the property.  

Barnum said??? 

Some of the "no money" conversations and strategies also depend how liberal you are (shades of @Jd Martin here) with defining your "own money".  

@Glen Fagin please define "out $45,000".  

From what I can tell, the use cases (or stories, if you prefer agile development terminology) are pretty well defined, but the terminology varies hugely among RE investors.

Capitalized words will be defined.3.

Since the bulk of it has centered on syndication, I'll try to provide a broader perspective on investing in multifamily (for the purpose of this post, I'm defining this as 2+ units).

In business strategy, one of the first and most important activities is to define your perfect (target) customer and gather as much understanding as possible about what that customer values.