My guess is that the stock market players want the capital of the average investor so they can...well, you know where I'm going with this. 

Multi-family in town is dominated by maybe 4 big players - so much so that any of the smaller players are usually 6 flat and down, with building conversions more of a factor.

Wesley,I would say hands down the big players look at two simple top down numbers (population and job growth) that should be well exceeding the national averages historically last 3 years and projected out next 3-5 years to start.  

Sadly, players like the investment banks continue to manipulate the traders and everyone else, leading to jumps like we saw on Friday.Like all bubbles, this one is poised to pop.

But I also know how many bad players are out there.

most HML that are bigger players will vette you just like a bank.. if not tax returns HUDS showing your last 20 to 30 deals..

Best place to start is to meet the players!

Are most of these people game players, deceiving sellers, etc?

All investors need to get to know their market and the players in that market.

Most importantly you need to convey confidence and assurance you are a player and not just wasting their time.