I'm wondering how anyone does it in this area, or maybe I just have not been looking for long enough.I really would like to purchase in my area as it would be my first rental property, and I am most familiar with the northern VA area If this is not to be, I also am wondering what markets nearby would be better.I’m also in Fairfax County, and you’re absolutely right: Fairfax County and much of Northern VA are tough markets for cash flow, especially starting out without a substantial down payment.

RUBS are illegal and individual meters is not feasible at this time. 

Do not deal with any of the individuals mentioned in this thread:https://www.biggerpockets.com/...I outline my experience and many others weighed in. 

Individuals are purchasing these properties, rehabbing them, and raising rents.

I focus heavily on the sell side and on the buy side only work with high net worth individuals so the newbie wanting a 400k multifamily with an FHA loan probably isn't for me. 

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

Thanks Chris but loan will be in the individual state LLC not on the Wyoming one.

There's some excellent relevant & recent material from very high quality individuals on this forum.

The issue is not the contract, the issue is going to be enforcing the contract, the individual who was selling this could hold this up for years and cost you tens of thousands in legal fees, and then they file bankruptcy and stall it another 5 years.

we did this a lot pre 07  in that year Oregon WA and then CA made laws that had lots of teeth about dealing with those in foreclosure.. so we just stopped doing it risk was not worth it.I cant see how an individual can do this really..