You can invest in class D areas that on paper will show a high IRR of 20% but I would not touch it with a ten foot pole, but in same breath I would consider a 10% IRR where there is no leverage and low investment to value.If the class(a,b,c,) of an apartment building is based on the year it was built than what specifically determines the class of the area?

These guidelines would be lender specific, but generally most DSCR loans will require this. 

Like @Matthew Paul says, the Contractor should always provide a State-specific Contract - for his own sake if nothing else.

Is private lending as simple as it sounds or are there regulations to follow. 

The real estate industry, especially wholesaling, can be challenging.

Let me know if you have any specific questions.

Can someone lay out more specifically what is being said here, in more detail?

If someone wants to be within a specific market, the conditions within that market may wind up making that choice for them.

You also have to watch out for specific zoning overlays, ie. around the temple area, you need 480 for sqft. for all units.

Does anyone know of a good community that's specifically meant for people who are more advanced in real estate?