Community banks typically require the deals they fund be a 1 hr drive from the bank unless you have a lot of $$ parked at some more distant bank.  

Hi @Chad Holcombe , Welcome to the BP community!

Hey BP Community,I'm looking to add a multi-family (duplex or triplex) to my portfolio.I have a total of 3 single family rentals that are free and clear.

Thanks, looking forward to learning all I can from the Bigger Pockets community

Sponsors simply look for accredited investors that can partner with them to own large apartment communities.  

Anybody been through the practical application of the law in a situation like this?

I've begun to wonder if my initial dislike towards properties with CDD & HOA fees would actually be a good idea considering they have community pools.

Welcome Jack and great to have you here in the community. 

My retirement account is a Florida state retirement fund (so, I would have to quit my current job and possibly pay taxes and applicable penalties on the 70k and, there is a 3 month waiting period once employment is terminated).  

I have a lot left to learn, but I am excited to start getting involved in the community!