There's been a massive revitalization effort that started downtown and has spread throughout the city via the Strategic Neighborhood Fund (SNF). 

We have found what works and repeat it as much as funds allow.

You'll also want to consider if each lender provides funding for renovations/improvements.

But 3) Try multifamily specific brokers, crexi and loopnet, although 2-4 units maybe scarce. 4) A home equity line of credit is a good source of funds however it will generally make your overall monthly payments higher, so unless a deal is very solidly cashflowing, a HELOC may put you into negative cashflow. 7) Typically electric/gas are paid by the tenant - however this isn't true across the board. 

How did you incorporate the funding fee PLUS the closing costs?

If rents don't keep pace with inflation, you won't have enough funds to cover these inflated prices.Rents and prices are driven by supply and demand.

You should either buy with a DSCR up front if the property is eligible and self fund your rehab or hard money for acquisition, do most rehab to common areas with the exception of additional walls prior to refinancing into a long term DSCR loan. 

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He could get hit with a significant expense and not have the funds to pay for it because he hasn't collected enough rent income.

What kind of proof of funds do you need for auctions?