This type of financing will typically look very different and more like a traditional commercial real estate loan.That means a DSCR calculated based on a full NOI and expense load (so inclusive of vacancy loss estimates, credit loss estimates, repairs and maintenance, utilities, management fees and more – in addition to the property taxes and insurance expense that are the only expenses factored in on traditional residential style DSCR loan financing).Additionally, the DSCR minimums are generally going to be higher (typically up to 1.25x), the loan to value ratios lower (higher down payments) and underwrite more sophisticated (which makes sense considering the size and scope of the property).Many multifamily investors for properties of this size (such as more than 11 units) can syndicate capital and have more sophisticated financial and entity structures – its definitely a different world once you get up here in unit count.In Conclusion – when you are looking to invest in multifamily real estate and finance your investment – make sure you have the unit count in mind before you start shopping – the unit range can have a huge effect on your options.

Allstate (captive) is not a good place to be if you need any sort of sophistication with your risk management

Then, there are other people who are quite sophisticated with their structures and choose to invest money on the structure (you'll hear references to Trusts)...and then you'll have people talk about piercing the veil....and you'll hear some people say that as long as you have enough insurance, you are fine....and others will say that you have to be careful about relying on insurance to protect in all matters.

Most deals are not going to cashflow, as real estate is a very popular asset class and because of that the market is full of buyers who are not sophisticated and accept sub par returns, inflating prices.

My professional goal is to become a “sophisticated investor” and I am seeking any sort of Jr.

I believe for the more sophisticated investors, reasonable rent control (such as AB1482) will increase profits.  

Sophisticated buyers can find the best deals (after the auction!!) 

My personal opinion is that unless there is no other way to sell the house, subject to should only be used when BOTH parties are sophisticated investors.  

About a year ago I heard rumor of a casino that was to be built in the Victorville or Barstow area.

These scams are getting more and more sophisticated, many are actually getting by title companies, so they need to up their game IMO.