They are building thousands of apartments close to downtown.There seems to be a very high percentage of investors here, including new investors (that includes me!)

But if you did, the bank would basically take ownership of whatever percentage you tell them you want mortgages (they'll limit it to about 80%).

I chose orange county because I am somewhat familiar with the area as I travel there quite often, the taxes are lower than nearby Rockland and Westchester counties, and the percentage of home sales have risen more than the respective counties over the past year. 

However if it were to save me a huge percentage overall, I could learn over the next few years.

I usually google average mortgage APR and put that number in there any investor worth his salt will know his typical Percentage from the lender he is working with and will factor that in when he sees your report.

Depending on what percentage your commercial Lender will loan you against their new appraisal, the usual 70% means that you wouldn't get all your original $85k back  at refi.

You MAY get 1%/m gross in a multi that you also want to live in - not forgetting to subtract the percentage that you miss out on because of your occupier status - meaning that it'll be a fight to find something that'll cost you less per month than if you rented there - but I have confidence that you have the right attitude and foreknowledge to succeed.

Are leasing fees typically a certain percentage  of gross rent or  follow any  other criteria?

I am will to split profit in addition to paying a percentage on the loan amount.  

There are various reasons the project may not qualify for financing:  owner occupancy percentage, one individual owns more than 10% of the units, the community is involved in some sort of litigation (usually construction defect), or the HOA finances are bad (underfunded reserves).