Ask if any of the contractors are related to the PMC's employees. 

One downside of MF can be the age, and insurance can be a big issue.

Additionally, the Villages are close by and with an aging population it attracts a lot of healthcare field workers.Now, with a lot of rental properties you may run into slightly longer vacancy periods if you have a unit turn at the same time as others, but generally speaking renter demand is solid. 

(Especially a 2-4 unit.)Do they have friends/relatives/co-workers that would rent rooms from them if they bought a property to show more income?

As for the third target market, Sacramento is close to you, it's a state capitol, relatively inexpensive, two major universities, great local culture...

Maybe you can relate?

@Leeling Chew we require anyone over the age of 18 to fill out an application for the property even if they plan to just be an occupant. 

While that may be good for the 10% pref investors, you may have been better off holding another year and getting another 7%.Related to this, I generally don't like preferred returns as a passive investor. 

.: Hi Everyone,I am relatively new to rental properties and currently own 3 single family properties as rentals.

If the loan amount you are looking for is small relative to the value of the first and the second property combined, they are very well secured on a LTV%; ask for a 1% point lower rate.If you don't want to Cross Collateralize, do you have any CD's or MM you can transfer to this bank as collateral.