Because dealing with tenants is like an "Arms Race".

i say that not to discourage you but to arm you. 

Hard money will charge you an arm & leg (additional points, high rates, etc.), but they'll get you the leverage you need.

2-4 family inventory, specifically, is up 52%.We are seeing just a 4% annual increase in YOY compared to double-digit increases in recent years. 

Yes, Fannie Mae does have a multi-family lending arm, starting at a lower limit of $1M for 80% LTV.

We just experienced a cycle of significant double digit annual increases. 

Well no one twisted me and hubs arm but we did sign up for the $10.5k level they had.

I do have decent photos taken with a digital SLR, but I didn't manipulate them in anyway.

Solid post and would agree with everything - but the last one - "Local or National Expert" - I do think there is still value here but I would say this is the one area that is being I'd argue reduced in importance via technology and ability to reach people digitally and remotely - but like you said, its really more important for people trying to scale - where if its your first or second, local probably makes a lot of sense

It sounds like you won't have any trouble qualifying..In Oregon there are some tenant laws that can restrict active CAP rates, but those with current market rents (or that can attain them near term) can approach double digit return rates.