As for me I’ll bypass rules and evaluate each deal independently to see if it fits criteria I choice which I’ve chosen to provide the best shot at reaching my goals.  

@Monir BadeerI would not recommend doing this unless you are going to go to your chosen market in person to build your team

Third step, decide what kind of strategy you want & can apply to your chosen properties & locations.

Investing in Syndications, Funds, Joint Ventures as Passive Investor - Limited returns but carefully chosen a portfolio can ROI at 12%.

Once a lender agrees to work with you and provides a pre-approval documentation, then I would begin reaching out to agents and see what property options are available within your chosen market.

I have seen more failures then success and thats because the investor doesn't have the skills I mentioned above and has chosen the wrong team or doesn't take advice well. 

If you as landlord are selecting the roommates and then one of them causes damage to another roommate's property or assaults another roommate,  you want to be sure that you're not liable for having chosen that roommate.Also, you'll have language that addresses common elements.

If you use Quickbooks or similar  your chosen bank is on their list of banks used, and it can make life easier for you.Just my 2 cents.

We have chosen to build new construction quads instead.

One is chosen and the others are held in backup position.