None of this is directed at you, by the way, I simply have sharp feelings about the advice you may be being given, which of course is only based upon my own practice in my own market.

I received this info from @Nathan Sharp when I first started.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/(house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/(how to buy a rental property)https://www.biggerpockets.com/renewsblog/2013/11/02/hack-housing-get-paid-live-free/ (House hacking)https://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/ (Podcast 061 - How to succeed in multifamily investing)https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a small multifamily property)https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals)http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/(guide to buying a duplex)https://www.biggerpockets.com/renewsblog/2013/12/12/bp-podcast-048-duplex-managing-tenants-darren-sager/ (Duplex investing)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/rei/glossary/https://www.biggerpockets.com/webinarhttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

However, I came to a sharp realization of how competitive the multifamily market is here.

I am working with my bank for the loan, and my loan officer is pretty sharp.

Looks super sharp.

A smooth 203k deal is dependent upon having a top-notch 203k consultant (when the renovation costs are over $27k or so), a good contractor, a sharp lender, and the teamwork among those 3 and yourself.

You think you're making more but you must subtract those sunk fund costs from your net revenue.And keep a sharp eye out on any cost to you that is outside the normal income expense sheets. 

I remember speaking to Cliff as he was starting out and he's a sharp guy.It certainly doesn't make much sense allowing someone to buy a 30K car with a 5 year amortization and requiring that same person to buy a mobile home for 15K and pay it on a 30 year amortization.

He is super sharp and a great guy!  

I think it is a good idea considering the sharp drop of the dollar the last five years.