These do allow as little as a 5% down payment for conventional loan products.

You have access to an INCREDIBLE loan product called the VA loan.

For example, 60's multifamily may have materials that 80's and newer does not so for that reason you prefer to stay above 80's product.

It helps to have vets like you two to give me good price points for land on something like this.I will start a few new builds in Charlotte later this spring  lots are 60k  but you need well and septic and 2500 sq ft roughly exit 400s to mid400s so about 15% NET on Gross sales price which is pretty common in these price points as your competing against the nationals and larger regionals.The high end is different mainly guys that specialize in that product have a great local rep etc.  

Now, that being said, too much money down may mean the product is overpriced.5) Buying on Price and Cap Rate - If you only buy deals based on the lowest prices or the highest cap rates, you will never get great deals.

These units were build in 2007, and the pictures of the units look fairly good, but again, until I physically get to inspect it with an inspector and my contractor, this is just an estimate.  

My colleague did it like this and has avoided CA stacking $800 FTB fees https://royallegalsolutions.com/product/delaware-statutory-trust-for-real-estate-investors 

InsuranceWe need to insure on the LLC's name or in our name - depending on what we decide on the title.Should I seek products tailored to short-rentals like Foremost or Proper through Lloyd's of London?

Sit down with local loan officers, banks, hard money lenders, Realtors, wholesalers, etc.... and you will quickly learn what loan products could work, and where to find deals.

@Barry Pekin as a newbie I find that unfortnately people are in such a hurry to sell their products that they dont tell you the ramifications you may encounter.