However; investors also bear a responsibility to sufficiently investigate the contemplated investment, to assess whether the investment is appropriate for them, and to know or learn enough about personal finance to evaluate whether or not they are able to sustain a loss without undo strain.  

NAR considered job growth, financing, renter who plan to purchase a home, migration to these metro markets, number of renters who are planning to buy as well as homeowners who plan to move.

And even tougher to get it financed.. from what I can see the only folks that build new are subsidized housing in some manner or  big tax credit plays something other than normal economics.

Many banks wont touch deals that are sub 90% occupancy, so you could negotiate short term seller financing to help give you runway to make the building bankable for a refinance while you reposition it.

My first deal would be all cash, and if all goes well, maybe a year or two later another deal with some financing.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Knowing your long-term plans can help you build a long-term financing strategy so that you are not just worried about purchase number 4, but also purchases 5 - 20+ (if you plan to continue to invest).I'm an investor and licensed mortgage broker.

But someone who wants to start buying or investing in large multi-family (60+ units) should be in a position where $20K isn't going to make much of a dent in their finances, regardless of whether it gets spent on a mentor or on closing costs. 

I have a few properties and am also a mortgage broker, happy to answer any questions about general investing or financing options.

How did you finance this deal?