More markets equals more time needed to track, meet with your team, travel to and from, tax season, etc.  

I know we will need a renter prior to doing a cash out refinance and we will have to determine the seasoning period of our lender, but going off of 6 months at this point for simplicity.

Or is it just better to find a hard money lender for a short term of about 1 year depending on the season period a traditional bank wants?

In about a month i hit my 6 month seasoning date to be able to do the cash out refi. 

Also curious based on the rent rolls, but as you stated, when new the rents were high but as your multi gets older the rents drop due to more competition.

maybe some of us older guys remember when RE only appreciated a few points a year at best.... all you young bucks think these huge annual appreciation numbers are the norm - they are "not" if you cant get an annual return better than that of a t-bill or CD - run .... 

April and Nov through mid-Dec are the only true low seasons. 

New builds typically tend to appreciate faster and demand a higher rent than average for an area compared to older units (we often see a higher quality tenant(s) in new builds as well).If you were to buy an already built 4 plex are you expecting any immediate or mid term rehab and what are the projected rent rates and rough estimate for annual appreciation.

Offering amenities that cater to older veterans, such as no-step entries, wider doorways, and emergency call buttons, could be advantageous.

You can do a delayed purchase without any seasoning requirements.