I must also caution you to be very careful in underwriting as the multifamily market is post-rational right now.  

You can try to rationalize around doing any or all of those things but it's at your peril.

with all of these folks off shore I would say 99.9% of them are Nigerian scammers. and they are targeting you  a beginner who knows no better.. but your rational and intelligent so you can see that this seems a little too easy right.... send a few e mails and they promise you a 2 million dollar loan at 2% you just need to buy this Bond in Thailand to secure the repayment its just 5k for the bond etc etc. 

To say all apartment building owners are “sophisticated”, meaning they are completely rational and disciplined, and run their properties flawlessly all the time, and the only ones that don't are doctors and dentists who have inadvertently stumbled into a deal, it's just not reality.You often have successful business people who think they can translate expertise in one area of business into real estate, which sometimes they can, but more often they can't.

Personally, I cannot afford to waste time on low ballers when there are so many other intelligent, qualified, legitimate and rational investors to work with.  

Banks do what they want and it is not always rational to the outside world.

If so what is your success ration?

I'm sure I've had more seller financed transactions across my desk than anyone on BP, my deals closed with conventional financing at the end or a profitable payoff for the borrower between 92 and 94%, that is a better ration than bank or secondary market failed loans! 

Remember that and keep being skeptical, or at least step back in situations and try to be as rational as possible.

I'd put his reasoning at just slightly above that of the Flat-Earth Society (which, at least, makes its arguments with tongue firmly implanted in cheek).I think it's too bad that there's not a rational criticism of the Kiyoski book(s), because in general I do think he says a lot of things that are either wrong or misleading, but I wouldn't count on Reed to figure it out.