I know this post is getting a bit old, have you had your first inspection yet? 

Quote from @Anthony Zotto: I was just wondering everyone's thoughts on how the outcome of the election will impact small multifamily real estate?

Will I still be able to use the $250,000 per spouse exemption on the appreciation, and how will this impact my 1031 exchange?

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

Does anybody know where I could find a potential GC?

You can check their insurance coverage, any active lawsuits they have, their workers comp rate (how safe they are on the job site), and other metrics.

It appears they are hoping to attract people that can find deals but don't know how to raise money.

I would also look at the property and how it is built.

If you are just getting started, good insurance may be the better play.Assuming you have a large portfolio, you know how to manage an LLC properly, are willing to take on the added paperwork and expense, and are not piercing the corporate veil by having mortgages in your name, here are my reactions to your proposals. 

I want some insight on the action items we need to do to know a good amount needed to start.... we are new and want to get in real estate for long term help for our family.