I am inChicago and multifamily properties are quite expensive. check out some properties in the area you would like to invest in and figure out how much cash you are going to need to bring to the table.

They will be able to answer your questions and help you get a clearer picture of what a successful deal looks like.Assuming you need financing and you need a developer/operator in order to bring your deal together (which it sounds like), the people who occupy those key roles will make or break your deal and bringing a deal to the table that satisfies their requirements and that they view as a viable deal will greatly advance your learning as to what the critical factors are.Every market will have different dynamics which will affect your build to cap and it will depend on your expectations as well as the expectations of your investors and lender given the market you're operating in.As for stabilization, I typically see 18-24 months budgeted but a good operator can get it done in 12 with proper pre-marketing and solid market dynamics.Get a feasibility study done before you close escrow if you've already targeted a specific parcel.

One could also do a lease with option to buy, partner with the seller, get them to bring the difference to the closing table.

So, in multiple offer situations, you need to be willing to offer something that will entice the seller to take the extra risk (though usually very small) to accept your VA loan over one of the conventional loan offers on the table.

I suppose if anything had a 33% ROI my rollover time table would work, but netting $1000 a month in cashflow would make the long term goal take much longer. 

Some leads are of course just lookers but I believe there is a huge $ on the table we are missing.

I'll shed some info;Deal was found on mls for 177k, we offer 160, closed on 162k, did everything I had to do on the inspection period etc etc, seller god the final hud from the bank and realized she needs to bring 6k to the closing table , so for us not to lose the deal we offered to bring to the table 6k( her agent give up on 2k of her commission ).

We especially liked transforming the house into a home, and hearing the buyer compliment the quality while we were at the closing table.

Unless you can bring something to the table you are unlikely to find someone who is willing to look at your best interest ahead of theirs. 

Oh and I can make signage and home decor with a CNC router table I bought.... and don't forget the rentable wedding photo booth...