We are 4 younger guys recently out of college looking at forming an LLC to purchase our first investment property. We planning to meet with a lawyer soon to cement our articles of organizations and operating agreement...

Are you using all the cash you have - or do you have reserves (should always have reserves)2.

You'll like also need reserves of at least 6-12 months worth of PITI (principal, interest, taxes and insurance.) 5+ units can require more down, but 25%-35% is common.

If you want to get a great agent, you want to be able to tell them that you are pre-approved (and for how much, for single- or multi-family), have confirmed hard money if you are going to flip, and how much savings you have.

The only big limitations that may extend your timeline will be coming up with a down payments, and coming up with the reserves required to operate in a financially safe manner, and as may be required by your lenders.

Credit is stellar (800+) and I was considering cash out equities on the free and clear properties plus capital reserves to use as 25-35% downs on property(ies) up to 800k total (if not partnering). 

Then build up reserves and investment funds.

You've confirmed what I understood to be true about the Fair Housing Laws.

This reserve seems somewhat tight to keep this moving smoothly and stay off credit cards while waiting to the cash out. 

@Emanuela HallIt all depends on your long-term goals, your reserves, and your risk tolerance.