Buyers only have the unit inspected which is great but if the building is falling apart around them they're going to be exposed to special assessments and potentially damage to their unit (roof and exterior leaks).

Factoring age in now, I'm wondering if two or three multifamily rentals over the next 3 to 5 years (trying to be realistic) will really get me that much closer to the financial independence I'm looking for out of real estate.

After you factor in HOA dues (if any), property management, vacancy, maintenance and capex, I think you may be lucky to net $20/month in cash flow.

Is anyone doing both purchasing/brokering discounted notes and factoring? 

From CBRE | 2016 Global Real Estate Market Outlook“Moderate economic growth with low interest rates, punctuated with bouts of pessimism and volatility—the factors that have characterized the world economy for the past few years—are likely to continue in 2016, supporting moderate growth in commercial rents and investment sales volume globally.”

You are forgetting to factor in basic repairs, capital expenditures, vacancy, etc..

In other words, if 3 people are equal partners in an LLC, the lender can use one of those people to determine their risk factor?

Since the Metro DC area is the area I know I'd like to invest here in the beginning...but I've been exposed (somewhat) to other areas as well, so I'd be open to them once I gain better knowledge of their markets. 

Factoring in self maintenance (eating/showering/gym/shower/caring for dog/ect), thats another 3-4 hoursI went to a local REI networking event recently and marketing for properties was talked about.  

When you get a buyer Their bank will require an appraisal and that will be the deciding factor as to price.