Hey Jerryll,Apologies as well, to clarify my post, the property is currently still with the owner (off-market) and I reference the information on the MLS since it is the information that's currently available to the public, so just providing a frame of reference to support the info in my post.

Get references, confirm their systems and SOPS are in place.

If they are wanting an even more hands-on approach, then i would refer them out.

Making this up but you will probably need to own 100 of these to match the stories you’re referring to.  

Do you provide references?

The "correct" way I'm assuming you're referring to.

To give you something as a reference based on your budget (30-40% down with $1.8M), the general cap rates you will see in the Bay Area are roughly 3-5% https://www.loopnet.com/Listing/1047-Rich-Ave-Mountain-View-...https://www.loopnet.com/Listing/1180-Saranap-Ave-Walnut-Cree...You will find higher cap rates and more 20+ units buildings in SF, Oakland, and Richmond, but keep in mind of their stringent tenant laws. 

To confirm my recommendation ask him for references at his current developments, I bet he won’t give you names and will make up an excuse!

For reference, I expect a turnover to take me 4-6 weeks.

Refer to the frequently asked questions on the third slide. https://www.hud.gov/sites/dfiles/SFH/documents/MO_203k_Progr...