As I'm sure you're well aware, the small multifamily space in metro ATL is competitive despite current interest rates. 

That was my impression as well. 

Some areas still offer strong appreciation potential along with steady cash flow, and when working with trusted lenders, you can find competitive rates in places like Memphis, Little Rock, and Oklahoma City, which tend to perform well on both fronts.

REI Central is Thursday night of this week (2/6), and there are a few other local meetups as well. 

If you're looking for more flexibility, there are also other commercial and multifamily lenders that could work well with your needs.

The deal is risky unless you know the market well, have experience executing this strategy, and have accounted for the quality of the asset and tenant. 

We want to get a few rentals up and running and then (if all works well) begin bringing other friends/investors in to invest with us.

I'm in Chesterfield as well, looking to buy.   

I’m not suggesting you shouldn’t consider this opportunity because my current company has about 50 homes throughout New England with about 1100 employees and is well funded.

Its like a short-sale, its better than a foreclosure but has downsides as well.