For this type of a question I would suggest posting it in the multi-family forum. 

I would suggest you take a few months and watch the market before jumping in because the market has adjusted the pricing because it's hot. 

I also suggest a drive-by so they are not unpleasantly surprised by the neighborhood when they to the showing, and just keep on driving by anonymously as I wait outside.

First of all, I suggest you search the forums as arbitrage has been discussed ad nauseam.

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

I'd suggest taking a free course like that provided by Pete Reese at Land Conquest to get your feet wet and take some action. 

If the owner redeems the 2nd month after you bought the OTC, you only get the 3% (1.5% x 2 months).Exercise those due diligence skills!

If you haven't already connected with an investor-friendly lender yet I'd highly suggest that.

If Tampa is on your radar, I HIGHLY suggest you connect with him. 

Starting with three T-12s from properties of a similar size and market is a fantastic strategy, and I’ll definitely take your suggestion of setting aside time to really dig into the details.Thank you for the encouragement and practical tips—it’s advice I’ll take to heart as I move forward.