Do your quarterly inspections now more so than ever. 

I 3rd Joe Fairless' new book, Best Ever Apartment Syndication Book.

Don't ever worry this much about a single prospect (not even a lead).

I have built my RE business on finding off market deals, word of mouth, knocking on doors, driving by run down homes, networking with other investors, realtors, Zillow, craigslist, and even tried writing letters (none ever worked).

What ever you get, make sure it can fit full sheets of plywood and drywall inside. 

@Carmen Lewis did you ever get an answer to your question on if the t-b needs to come up with additonal cash when they refinance?

Has anyone ever won a Hudson and Marshal auction (no reserve price) and then been told a different price?

One with skin in the game ($$) would also allow you more flexibility and to potentitake on larger projects. 

I have no experience with financing larger apartment buildings and I’m wondering about down payments.

The expense you incur is your "tuition"; and modify your process in order to never, ever make the same mistake twice.