Closing costs will be 1-1.5% of the purchase price.

He can't loan you any part of the 3.5% down and you can get seller contributions to cover closing costs, etc.Just food for thought...

A mentor or JV partner who has successfully closed on larger multifamily deals is invaluable.

The seller doesn’t need to know that the underwriters may give you more of a hassle than other buyers.Or do you have lines of credit or a private lender so you can make a “cash” offer then try to get the financing through before close or at worst just do a cash out refi after close?

@Tj Collins You can 1031 exchange in and out of any state, you can 1031 exchange in and out of any investment real estate - farm land, apartments, commercial, single family investments, new construction etc...The big things are timing on the 45 day window, 3 property rule and closing in a certain amount of time.

Cash buyers will be serious, not just wasting his time with offers, 30-45 day closing delay, inspections, appraisals. 

One week before closing the lender decided that I had not owned the property long enough.

Why are you double closing in the first place?

The winning bid is usually very close to or at market value.

Close your eyes and throw darts at one.