Hopefully the lender you are applying with is part of that 20 year history.

You can apply for a permit from the city with a pretty quick turnaround. 

First, CAP Rate doesn't apply to residential homes. 

While I have never done what I am about to suggest, I wouldn't fire them, but I might apply to a second lender.

I would also advise you to be careful in how you apply some of the Rich Dad, Poor Dad concepts.  

Hi Apurva,53 units -- It would be smart to talk to an Architect who does multi-family (In your general area) about the cost of doing a restyle as well as colors.Especially if you choose a Hardie (Fiber Cement type) product.With Hardie (Type) products, read the upkeep instructions, some require re-applying the joint sealers (factor that into your maintenance budget).Also with Hardie (Type) products there is a service life to the color...some come pre-colored, some your contractors must paint on site, (some require priming of cuts when installed)---talk to the Architect about the maintenance schedule and the CAPEX for this.Hardie makes big sheets of this for multi-family that Architects can use for visual effect and ease of installation.With 53 units--springing for an Architect to help with this would be intelligent.Good Luck!

I believe with Zillow the perspective tenants can fill out one app and apply to multiple properties.

I would say the 80/20 rule definitely applies. 

Questions to vet if they really know REI :Q1- If 199A applies to rentals, and what if it doesn't meet the safe harbor?

Also, if you close near the last day of the month, he was probably getting ready to pay his rent payment, which he could apply to down payment.