Additionally, if the GC's subs are independent outfits (meaning they are not part of the GC's crew or employees) and do a good job, get their contact info so you can consider hiring them without the GC for your next project.Keep us posted,Andy

I am always shocked to see us lose to small outfits that have horrific reviews.  

If a smaller outfit, I would say they would need a strong track record for successful investments in multi-family and have great operating partners in management.The borrower could raise funds in the form of debt or equity.

Having read some comments about the pitfalls of out-of-state investing, and, of course, being the CEO of a turnkey outfit in Birmingham, AL, I have to pitch in my two cents and agree with @David Thompson on a number of his points. 

This was all done under the direction of an attorney-run outfit out of Florida.

@Kyle Burkhardt I do agree that KC is still a good market to invest in, but it does get down to the area, the deal, and most particularly the team you work with (either putting it together yourself) or ready made as an all in one turnkey outfit. 

Part of what you're going to be selling to the bank is your ability to operate this enterprise profitably, since they do not want to be the proud owners of a multi-family outfit in short order. 

Two queries: At what size do small multi-family structures begin to see competition from the larger outfits?

I happened to catch a bit of a radio show (actually I always considered it more of an informercial) yesterday by one of these outfits.

Look further out in peripheral markets or find properties that have serious problems that you have the skillset to remedy is what a lot of other investors including the institutional outfits are doing so as the small guys we have to be willing to go further out or take on bigger problems... or be patient.