As you said, this allows you to track LLCs (locations) and properties (classes and/or customers).

Our goal is to scale quickly and acquire as many properties as possible, with no upper limit on our ambitions.

I believe that you don't get returns (failed to deliver) with bulk mailers so you don't know which addresses are bad.That's the simple stuff.My advice is to do various mailings that you or some prepares locally, that go out immediately, using 1st class postage.

The only place this would appear to make sense is in Class D neighborhoods which could cash flow.You have rights to income but nothing else - sounds like an unsecured note at the end of the day.Chris you make good points.  

Not the best asset class for Wall Street to fleece the public on =)

You'll be in the middle of the overall upper east side apartment market. 1 or 2 beds 1 or 2 baths in a nice and safe building.

Let's assume that the neighborhood is a C class and the median income of the city is greater than 3X of the market rent.Here are some of the considerations I've come up with so far:- Units are in need of renovation and capex is too high or not available- Unit quality is not the same as market - Seller is worried about losing tenants due to increase- Vacancy rates are high or filling units have been difficult- Rent increase would take multiple increases over multiple lease periods to get to market rate if seller is trying to retain the same tenant- Seller inherited property and just want to liquidate- Seller needs to liquidate quickly (financial burden, sickness, quick exit from land-lording)It seems like I might be missing a warning sign about a deal if they are selling with current rents that are under market; but again, this seems to be most of the properties I've underwritten.And in the same vein, what should I be worried about when purchasing a deal with under market rent with the intention of raising them after purchase. 

And what is your price point and are you looking for turn-key properties or something along the lines of a "fixer upper"?

I've settled on wanting to do Commercial Real Estate Multifamily 20+ units, Class B, C in Texas or California. 

Eventually, Class A property values increased to the point that even increasing rents didn't allow them to cashflow upon purchase.So, the flood of new investors switched to buying Class B properties.