I spoke with people who were holding campus inventory in 07 and 08 to get an idea of how bad it was, and they said almost nothing changed. 

So would you buy your rentals with a conventional loan with 20% down?

I know a good lender who knows investor loans in the conventional loan space that could give you some good advice.

I ultimately would like to refinance to a fix rate 30 year conventional note after the apartments have seasoned for 6-12 months. 

Got a call from the lender (conventional Fannie/Freddy loan) my business partner and I have been working with in which he said one of our credit scores is higher than the other person's credit scores.

@Chad TysonA cash out refinance on an investment property is 70% LTV for a MFR and a 75% LTV for a SFR with conventional.

There is a huge inventory of single tenant properties with strong tenants and long term lease contracts. 

This loan is a conventional loan 3% down and can have the PMI removed after I hit 20%.

Well, a year is coming up, so now I am looking for a quad again to do that, but the inventory is so limited, and the ones that are available now aren't really in the area I want or the price range I think they're worth to make sense for me.  

Are you able to do a conventional loan using the delayed financing exception to avoid the interest jump?