But I'm starting to wonder if and when some appreciation resumes, and if and when market will dictate rent increases.Appreciate any opinions - thanks

There is a ton of DD to do on a MF property, are you doing an environmental study, a reserve study, analyzing the T-12, market study to show there is room to increase rents (of course every seller states rents are underpriced)... 

Many of these lenders allowing 2nds behind them are more expensive capital (10's - 13's in our current market [high rates - but now showing signs of coming down]).

Partnering with someone already in that market would be wise.

In this area, market values hit around $4.95 million, giving you a solid 131% ROI.

Paul has started at least 3 separate threads in the past few days announcing to the world the success he's having with section 8 rentals and repeatedly reminds us he doesn't have a clue how to calculate the true operational costs associated with these properties. 

I'd say they are both cash flow market. 

And in order to defer all tax you must purchase at least as much as the aggregate net sales price of your properties.These all can seem daunting but in my experience exchanges are more successful than not.

The partners between a realtor like myself (proficient in renovation experience), a general contractor, usually a loan consultant to support the buyer and the lender, (along with a buyer and seller of course) are the parties involved.I come across so many homes perfect for 203k or HomeStyle buyers, on and off-market, it isn't funny.

You can't time the market.