London Stewart this is something to dig deeper with you MLO or agent about but the I'll give you an example .Say you use this loan and buy a house for 100kYour down payment would be 3% of 100k which is $3,000 So your closing cost let's just say would be $10,000 with down payment , tax and all other fees (I'm just using easy numbers ) Sellers concession is available and is basically money that you finance into the loan to help with closing costs .

I am trying to find enough deeper pockets to purchase an eight unit apartment

I appreciate the welcome and will delve in!

I suggest delving into this site and listening to the great podcasts and reading the free resources, and remembering that it's a journey!

Get that basic education of REI until you are comfortable and know where you wanna start, then you can dig into that deeper and get a great gameplan for your investing togetherHope i could help.

If you listen to gurus on tenants paying taxes, insurance and maintenance on a residential property, you can have a big mess tax wise and end of allowing a tenant to gain an equitable interest in the property, just don't go there.Instead of trying to jumping in at the deep end of the pool, why don't you go to the shallow end where the real basics of real estate are taught, away from the sharky types in the deeper waters.  

I have no idea how to pick a market, but I definitely need to learn more about the area and look a little deeper into the specifics of each sub-market.

so, i looked into this a little deeper and here's the publication..http://www.irs.gov/pub/irs-pdf/i1099msc.pdf - page 6 - the content under Box 7 talks about this..here's the questions i have:1.

Thank you again for all of the helpful replies, I've taken the time to dive deeper into the forums (albeit it seems this can get a little addictive but maybe it's just new) and am halfway through my first book on the subject.

I recently went to a Dean Graziaso seminar and even though I didn't attend the entire seminar (simply because they wanted 2K to attend a 3-day course), I came out of it knowing that I would really like to research and possible delve into wholesaling.