@Rafael Valdor some advice when screening PMCs-----------------------------------------------------------------------------------------------------Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

The 1 mile income radius could be misleading in either way to the positive or negative if the property is on the right or wrong "side of the tracks" so to speak.The 80% occupancy, if it's solely due to the mismanagement of the current owner could be an opportunity. 

This is based on my own experience, but I think it's similar for most MF owners. 

The requirement to do this generally involves an experienced GC signing on the borrowing entity as a 20+% owner thus making them a signatory on the loan and responsible for the debt which in most cases is not very easy to find.

You also cannot use a second mortgage (from HML/private lender) for a 2-4 unit non owner property. 

It can depend on the property, but owner paying the bills seems rare these days. 

You either need to pile up more cash or give up some comfort via owner occupied investment options.

I am cold calling owners and they are just laughing at me with my offers at 8% caps. 

The main condition was I had to have the downpayment (20%) first, close the deal, and then execute the owner financed 2nd mortgage. 

Possible to maybe build one similar to this with an add on for small business owners and REI's. https://docs.google.com/spreadsheets/d/1xYOKT2eNS588cj6_8jVv2vobAfAhCVUd/htmlview#gid=1221524195