Prepare yourself with a specific list of questions to ask each, literally interview them.

@Jason BabosIf you have the capital for the down payment, and reserves set aside for the unknown, and willing to put in the work, then I don't see why you can't.Are you prepared from a business perspective is the more important question.

I would strongly encourage the SBA route where the down payment will be around 20% or possibly less if you are willing to pledge other collateral or as mentioned previously, include a portion of seller financing in the mix.Be prepared though since most SBA lenders will want some type of industry experience.

As I prepare to use an FHA loan for my first multifamily investment, I've become concerned about the extensive repairs that can accompany purchasing an older model.

Have him or her prepare your lease.

. ($675 preparation of deed) ($650 transfer tax) ($300 settlement fee) ($300 notary fee)Also in "Sellers Estimated Costs"  "brokers fee" is listed as "$4,000"   rather than 6% or $4,000 as if the 4k is just a flat rate.I feel this gives her no incentive to sell my property at the highest bidder.

This means you would still get the 200% MACRS on most/all assets that would otherwise be subject to bonus depreciation.Funnily enough, Ohio is not one of these states for my tax preparer friends who are looking for another reason not to work with Ohio :) (I live/work in Ohio, it's a wacky time).

I suggest you close this sale at a title company rather than at the kitchen table, they'll see to the proper preparation of the docs and their recording. 

Is there anything I should/shouldn't do with this purchase in regards of my mortgage, down payment, etc. that will better prepare me when I look to purchase another investment property?

That is what I am uncertain about but know I have to be prepared for it in terms of the hidden costs beyond the external fixes for the property.