But I plan to go look at this next week and i'd definitely like to be armed with as much knowledge as possible.

@Dan Dwyer    its Blackstone's lending arm..

I had a 5/1 ARM that went adjustable 5 years ago.

The factors that motivate me for a fruitful life are pursuit of happiness, safety, and passion; which are all encompassing. 

Is the 0% down ARM not available for the SFR option?

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookTo find out about an area go to IREM.org search for ARM certified property managers.

Here's my reasoning: -Although cap rates on the open market are comparatively and seemingly inferior to that of out of state deals, the appreciation and general perceived safety of California apartments far outweighs higher cap rates of multifamily elsewhere.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookTo find out about an area go to IREM.org search for ARM certified property managers.

They are beyond huge and one arm doesn't have a clue what the other is doing. 

Typically they will only perform repairs for items that are considered "health and safety" issues, and not being able to take a hot shower isn't considered a "health" issue. :) It doesn't hurt to ask, and maybe tell them you'll have to cancel the contract because you won't be able to get the financing you need if it's not fixed.