I can say in Detroit the wholesaler your talking to has most likely found that deal from 2-3 other wholesalers, they literally have to payout 2 - 3 other parties to get the deal and this is what the fees are high and the deal makes no sense.

I looked into this at more than one occasion, because Milwaukee has such an old housing stock, everything is 60-120 years old.Most of the new apartments we see are 4 and 5 star developments with very high rents, this allows to offset the high cost of construction a little better.

The last thing you want is to have a home run deal that theoretically should be a high-profit flip but is ruined because your contractor screws you over in some form or fashion (late deadlines, inaccurate scope of work, etc.). 

I highly recommend going to meetups and talking to investors in person. 

I highly recommend requiring ID, selfie, and pics of CC front and back.  

@Nick HulmeMaking improvements to your primary to make it high quality enough to rent above market rents, rent it.

I focus heavily on the sell side and on the buy side only work with high net worth individuals so the newbie wanting a 400k multifamily with an FHA loan probably isn't for me. 

But if this is purely an investment, the high maintenance fee is a major concern.Now, let’s look at what happens in the next 5 years:Refinance After 5 Years: Assuming 4% appreciation, your property value will increase to $1,216,653.

If you have large debt with a high interest rate, I would consider paying that off before getting started investing in real estate. 

This doesn't come cheap--these folks were making high six to seven figures depending on volume.We focused on lending to professional real estate investors--so our customers were frequent repeat borrowers.