The credit report will also give you some basic address history verification and will paint a picture of how they handle their financial obligations.  

REI known risks and rewards are identical. 

I can't help but to think that bunch of identical multi-families clustered together would breed a "rent war" in which the only winners would be the tenants.

There are a gazillion threads identical to this.I'd suggest a quick forum search and you'll see plenty of suggestions.At the end of the day it all comes down to YOUR goals, experience, resources, etc.

That is almost identical to what my CPA and Attorney said.

It seems like a fourplex surrounded by other (almost identical fourplexes) selling for about 50-60k more.

The value here is in developing in identical neighborhoods that are adjacent.I demoed the two homes that were there when I bought the dirt.

This is two identical 3/1 units sharing a center wall.  

It's a Tri-Plex, 2 identical units expire in June/July and the third is a larger town home mo/mo.

But, making two applications is a bad idea, sounds like a good one, but it causes issues.Credit inquiries are not the big issue, here's what can be;Bank A sees you went someplace else, the delay working on your app until you explain what you're doingBank B can do the same thingThey will delay settlements to ensure, by verification you aren't getting another loan of any kind, that changes your ratios.Dealing in good faith means a lot to a lender, if they feel like you're just jacking them around, they might reciprocate.If both lenders reciprocate, you're in the cold, butIf you can energize them back into action, you still delayed things and you have pie on your face.This is also an indication of your management techniques running your business, not cool they may decide they just don't think you're ready for their bank from a business point of view, remember this is commercial, not consumer, if they doubt you management/business skills and ethics, you're gone.Biggest flag begins with an attempt of fraud, trying to get more than one loan, usually such attempts will never happen, too many checks in place, doesn't mean someone may not try, so your intent is questioned.How to avoid all this, tell Bank A that you will go with them, but because time is of the essence and because they can't totally commit ask them, inform them, that you'd like to see if bank B could be used to back up the deal.