Or at least what are investors looking for today as far as return and cap rates?

Begin by targeting distressed properties in gentrifying neighborhoods, securing financing through hard money lenders or private investors, and focusing on cost-effective renovations.

I’m curious what rates look like these days for a commercial apartment building around 1.5M.If any lenders could chime in or investors who have seen recent rates please share!!

Currently my husband are out of state investors with 3 single family rentals in KC. 

@Micah Cook It's not uncommon for investors to scale up their holdings by consolidating their portfolio.

Selling vacant is easier, but if you can't/don't want to vacate the property investors will still look at tenant occupied homes 

I can say there are specific custodians we like to work with who are streamlined and smooth process and some who make the process a lot more labor intensive, and have had two investors using the same custodian and have one tell us we need to complete this form and the same custodian tell their other client that its a different form.

Amateur investor/full time agent here. 

Quote from @Ana Maria: I am a first time real estate rental property investor.

Your definition of "cash flow" does not match what experienced investors teach or look for.