It's still possible, but it seems to be heavily dependent on the willingness of the listing agent.Since it won't be helping much to reduce to 5%, we're planning on contacting an agent we've worked with previously to represent us.

I think how you get started depends heavily on what you want your end game to be.

However; Micro level, we notice the booms and bust heavily because we live literally in it... and it hurts us, personally. 

The answer to your question would depend heavily on your goals.

The Agency’s investigations are complaint driven, so we rely heavily on the public, and our licensees to bring these individuals to our attention.

Make an offer on it (even if it is 40% below ask) and say you'd be interested at that price point.I would be surprised if their commercial valuation is not severely flawed if it results in a value 40% higher than a residential valuation in the same area.When somebody refers heavily to small multifamily property as "commercial" it might mean the property actually has some preferential zoning that would allow it to be used as a business instead of residential rentals.  

Are you looking for heavily distressed properties or turn-keys?

Although, I might have to rerun the numbers with flood insurance which will eat heavily into our cash flow.  

He is heavily accented and doesn't seem to want to help me or his current tenant out.

If REI is a goal, contribute enough to get employer match and then heavily fund a savings or brokerage account.