Consult a competent securities attorney in your area for better advice, but in general raising and organizing money is an ask for permission business and not an ask for forgiveness business. 

For those who bought 30 years ago and have kept their rents up at market rate, who screen carefully to get good tenants, and who are debt free, I would guess it's considerably more.National averages like this are derived from data collected from large property management data bases, not the mom and pop players who own over 70% of the USA's rental real estate. 

These are the prices you got to keep your rehab to if you want to compete in this market, because if you cant, guys like me and Mark are going to be buying the properties are prices far higher than you feel you can pay, and you're going to be wondering how we are making money. 

Are your private lenders competent investors or do they just have cash? 

You will not be able to compete for the MLS listed properties so you need to generate leads for off-market deals similar to what a wholesaler does.

You'll be able to deploy this more often, which will increase your chances of getting a player.

For Investing Competent Brokerages: Try Chad Robinson or Sue Hameed or Chris Habets Recommendation. 

@Lucia RushtonThere are tons of articles on this topic available from HW, NYTimes, other industry players.

The chances of individuals/sole proprietors getting these RFP’s and tax credits are slim, as they save them for the non-profits and bigger players..but there are some loopholes.Check the city of Providence’s website for RFPs

Quote from @Suzanne Player: @Marc Possoff @Chris K.