A theme I've been hearing throughout the year (on podcasts etc) has been that caps for multifam are really depressed due to a lot of institutional buyers. 

So, I wonder, does that only apply if you get a loan from an official institution like a bank, but not the case with a private lender?

Anyone have any recommendations on institutions (really looking to keep my closing costs down and avoid rate raises due to the properties being investment properties). 

@Sean HarrisAn alternative to taking a 401k distribution is taking a 401k loan.If the 401k you are referring to is your current employer 401k, you may able to take a loan from the plan.If a former employer 401k, you likely can't take a loan but may be able to rollover funds to a Solo 401k which does allow you take a 401k loan.If you are self-employed with no full-time employees and have funds in a former employer plan and/or non-Roth IRA, you can set up a Solo 401k, rollover the funds and then take a 401k participant loan.

If an IRA has an equity stake in such a business and does so on a regular or repeated basis, then an IRA is subject to taxation on Unrelated Business Taxable Income (UBTI), which is designed to level the playing field and protect tax-paying businesses from unfair competition.As such, for an IRA to participate in such deals, it is best to do so as a lender. 

Delayed Financing " on your freshly cash-paid property is immediately allowed and appraised at the purchased price plus documented improvement costs " with LTVs up to 75% on primary residence or 70% on investment property by my bank institution. 

A creditor can petition the court to capture the surplus, but Illinois requires the creditor have been an active participant in the foreclosure proceedings.

@Michael Maslanka Here's a link that provides more details on the new CA law which appears aimed at institutional investors:https://therealdeal.com/la/2019/09/13/the-breakdown-how-californias-new-rent-control-law-compares-to-new-yorks/Here's a thread that discusses positives of rent control in LA:https://www.biggerpockets.com/forums/12/topics/170638-rent-control

You can look at past results, here auction properties typically sell for 80-95% of as is value.You forgot about the really important part that precludes all the wholesalers who hold themselves out as being "cash buyers" from participating in the auctions: You actually have to have cash!

Can a self storage facility owner/operator qualify as a real estate professional if it is their full time occupation, and meet the 750 hour material participation and greater than 500 hour rental real estate activity safe harbor rulse?