I’d appreciate any feedback from those who can offer advice, but I’m also curious about what specific type of attorney or local resource I should reach out to for guidance.I’ve seen references to the Garn-St.

@Kyle LipkoRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Joseph Binkowski There are many syndicators that offer 506B opportunities that you could be a passive investor on.  

This is limiting my options.I have never utilized the multifamily lending products offered by Fannie, Freddie, etc., so I would be interested to a) hear other BP members' lender recommendations for this sized property and also b) other members' experiences working with Fannie, Freddie, etc.  

What other information would an investor want to see before making an offer on this?

Really good wholesalers can offer buyers opportunities on terms as cash offers do not always solve the sellers problem.These are some things that make up a good wholesaler.

The accredited investor status question should be addressed by the investment sponsor, regardless of the comments you read here.

The seller offered financing with 20% down, which I used to buy the place.After starting construction and realizing it was going to cost more than expected, I approached a small local bank that knew the property and would offer the rehab financing. 

The buyer representation agreement states that the buyer commission amount offered by the seller (usually 2% to 3%) is credited/refunded to the buyer.

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?