Obviously I have a long way to go, but it’s individuals like yourselves who are willing to share their knowledge that have helped me move past that fear faster than I anticipated.My goal is to invest in apartment complexes (learning to do the numbers on them right now, and how to pick a good market), and eventually build scale.

It can get very legally hyper complex and no one out here will probably answer this question properly.

  $20k will barely pay for the closing costs and loan origination fee on a $500k purchase, even from a bank, let alone rehab funds to get the property to a proper occupancy.SBA is not possible to utilize for apartment complex investment purchases. 

NYC housing market is complex but very doable.   

They are in a large apartment complex with a property management company.  

But you know what to do before taking the final plunge:- yes, that's right - ask here, again, and post those sweet numbers.  

He gets a little ambitious about his rehab, timeline, and sales estimates to make the deal look sweet to his investor.  

Unless the terms are particularly sweet, I would need gross rents to be closer to $2500.  

Currently I am looking into my largest purchase, a 58 unit  apartment complex in one of the suburbs.

Interesting observation..Eight of us were working on the intensive drive control commissioning of a large complex & the all knowing management decided to create an office for each engineer.