The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

This is totally contrary to the way most wholesalers can operate.5.

Would love to hear form some Multi-Family owners/operators in these markets about pros/cons and specifically neighborhoods to avoid.My wife and I have been to Columbia SC many times and, while we have never been to Little Rock Arkansas, we plan on going in Late March! 

I would also urge you to make sure you fully understand how they operate , A-Z (from how they make their profit to how many doors they are managing). 

And there are some great multifamily operators out there and then there are others.

If you are able to setup a credit card identical to your accounts payable accrual account, it should operate the same.  

Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

I currently operate a few STRs so have a good understanding of that aspect although they're all located in touristy locations.

I’ve talked to a number of investors and they can’t get 10% down on owner finance transactions were the deed transfers at closing.I operate in 4 or 5 markets.

It has been operating for 2 months now.