If you do receive a commercial/portfolio style loan the rate and term will be very different. 

However, if you are receiving a commercial/portfolio style loan (meaning the money comes from the bank) then maybe the lender just has that rule on their loans.My Current Underwriter - So who's your loan officer? 

(Based on the style of house, I think I know the neighborhood) What would you rate the chances of a successful foreclosure?

Cash flow in the short term would be nice and allow us to live a little better life style theoretically but in all actuality I’d probably stash the cash to buy more properties.

Great neighborhoods would depend on your style of living, if you have kids, etc. etc. 

They tended to be more tenant oriented but it is still a loss.

Can anyone provide me with an example of an effective letter used to approach an owner of a 6-8 door garden style apartment complex?

@Donald Coleman depends on your learning style but I’d highly suggest in-class at your local organization of realtors office.

I can imagine a 1920s style home had its charm.  

The place smelt like smoke, has 1970s style wallpaper, needs new floors and paint, complete bathroom reno, needs new appliances, and new electrical outlets.