The 2nd PML would only be up to 65-70% LTV.

Are you generally seeing cash flow positive deals from day 1?

You have nothing to prove to anyone, @David Cheng, and there's no need to apologize.

Curious to see how (if?)

Welcome to BP Nichole! 

Any advice on the steps to do this is appreciated.

Hello BP Community,I have been a BP lurker for many years and after falling out of love with retail real estate- I am oh so READY to get into investing (my first true love).

This would include architectural fees, new equipment, cost of protecting or defending your title to the property, or building improvements.

I have liquid funds ready, but I want to make sure this is worth my time compared to the 5-6% cap rates I've seen on multifamily units in South Florida, which are close to what I already get from CDs and high-yield savings accounts without the hassle of property management.I'm also hesitant to invest out of state since I'm new to real estate and don’t want to make a costly mistake.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.