Take a look at Infinite Banking via the book Bank on Yourself by Yellen. 

I figured this aspect of REI was so important, I didn't want to leave it to an offer the shelf option.

I have 1) saved up over $100k that I am looking to start with, 2) family who are interested in contributing to the right opportunity, 3) a six figure income and 750+ credit score (I understand this is not as important on the multifamily side of things) and 4) a burning desire to make this happen.Knowing that there so many of you out there that are further down the road than I am and have infinitely more experience than I do, I am requesting the assistance of the BP community to help me answer the question "How can I make my first investment in real estate be in multifamily/apartments?"

I am sure you have been told how an fha has a shelf life    Let us know how that turns out. 

Cap rates are calculated using only a one year snapshot of financials so its shelf life is limited by definition. 

I have the "10x " book sitting on the shelf.  

I am from Okmulgee, OK, previously from Mustang (in my infinite wisdom I decided to sell my house there in '08).

You can't form a Series LLC in MN, but you can use an out of state Series in MN.The Series LLC gives you an infinitely expandable company, that you can create without additional filings, and without additional costs. 

The simple ROI formula is profit divided by total cash out (leveraged funds excluded).This is why you can often see huge and even infinite ROI numbers when the cash outlay is minimal.Example, down payment, utilities paid, renovations costs not financed, insurance payments, and all other cash out of pocket equals your cash investment.

You'll be using 100% OPM and earning an infinite ROI.