Update: I got an email, inviting me to apply for a $ 10K advance and which will not hold up or influence the application that I already filled out.

Do your homework on all of the parties that have influence in an area.

I am very curious to know, if you guys could walk me thru the process it be very appropriate. 1) Rental Property Cash Flow Analysis- Due Diligence: a) The first step to buying a multifamily home is deciding on the right neighborhood to invest in.b) Property condition: Take into account how much time, money and work the property will need in order to be rent-ready. c) Rent roll: Look at the current rents and compare them to the average rents in the area to see what the property should rent for and can help influence your buying decision.d) Revenue & expenses: Look at what rental revenues are coming in and what the current expenses are and see if it makes sense, remember to add in your approximate carrying costs to see if you will be cash-flow positive.e) Vacancy rate: Look for a vacancy rate below 10% and see how long each unit is vacant per year so you can figure that into your carrying costs. f) Loan calculation: Add your loan calculation into your Analysis.2) Work with a RE agent.3) Choose the Right Lender. 

Let's set aside COVID influence for now and assume that the market was still good, how do I know when to diversify to a different market if at all?

I have a young person who I am desperately trying to influence to do something material with his military signing bonuses.

He knew about business, legal issues, tax issues, marketing, sales, promotion, networking, and most importantly he knew about people (psychology).The first thing he did was tell me that I have two ears and one mouth, and I should listen more than I talk.Second thing he did was have me read "How to Win Friends and Influence People" by Dale Carnegie.Then he taught me how to set appointments was home sellers, go out to their home, and write up a letter of intent to purchase or lease.He said to me, "your job is to bring me potential home sellers will consider a creative offer."

I have found Dave Ramsey's teachings to be really really valuable and he has influenced our conservative approach to RE investing.

Other than REIA's and your sphere of influence, how do you find and connect with Private Lenders?  

Zillow, Realtor.com, etc)- Call your sphere of influence.

The risk factors essentially establish an almost worst-case scenario that influences cash flow.