Remember Knowledge is big Insurance and it will increase your risk appetite!

In the present, mortgages are much harder to qualify for due to federal regulations as well as banks' appetites for risk so only the nicest homes (typically inside cities) can charge a premium.If a second downturn were to occur in the U.S. housing markets, it is my opinion that the cheaper houses on the city outskirts would not dip as far a second time since they have already had a "reality check" in 2007-08.I am just starting off in the industry, so if anyone with more experience could add to my response, I would love to learn more myself.

In our lease it is made clear that tampering with a smoke or CO detector, fire alarm, fire extinguisher or fire suppression system will result in a fine and the tenant having to pay the cost of restoring the system.

Different banks have a different appetite for real estate, and, it will change over time.- They'll have Fannie or Freddie loan products also- Look for a free checking option, usually with online statements- Remote Deposit or Cell Phone App deposit options.

There are certainly lenders which will lend to someone in your situation, but you will probably need to call around for a local or regional bank in your area for one with an appetite for that type of loan.  

It's about comfort level and risk appetite.

As someone else mentioned, your question is more of a book topic.To give you one specific data point that I hope will be helpful, in short, if I was your client and you found me a small multi with a current GRM of 12 (that I could get closer to 10 with some improvements/mgmt), and in a local neighborhood with "will always be a renter" residents, and a few other attributes I favor, I'll buy it, throw off 5% free CoC return, and a 5 year IRR around 15.There's an insane number of variables that go into me having these specific requirements, but this is the best optimization I've done for my lifestyle, situation, personality, and risk appetite.  

Hi @Philip McTigheThe info from @Dana R. is great - I would be sure you add a couple more items that some people I find tend to forget on your rentals: Cable TV and Internet, not always required, but they are a great help to making your units more marketable.Also I found in my research for one market I am in, if the property has not already been zoned for a nightly rental you have to get that approved by the city, and they also require a fire suppression system (sprinklers) be in place.

With cap rates continuing to be suppressed it is getting harder and harder to find deals.  

They have a larger appetite for small multifamily than the larger banks.