A HML can do anything they want.....conventional loans have a 3% cap on seller paid closing costs.

Based on the second bullet point it sounds like you may be and you are getting Non-Prime, Non-QM lending offers that don't have a cap on total number of properties financed.

@Rich HupperYou nailed it.

I'm more interested in getting the process nailed down rather than making big profits at this time so my risk tolerance is low (low risk = low reward).

@Daniel DietzYou hit the nail on the head.

@Robert Smith hit the nail on the head.  

You hit the nail on the head for me!

if water is a concern, you want to put in some porcelain. they sell wood-grain tile that is made to look like wood, but you will never warp the boards like laminate. as far as glue, all the products are called 'floating' floors now, they click into each other, installed over a water-proof sheet. any water will ruin a piece or 2, and the idea being you can rip the piece up and put a new one back in. it's actually easier to just install it without glue. they click in, no nails or screws. 

There are many neighborhoods in America where you can do much better than an 8 or even a 10 cap on multifamily deals, but the question is - would you be willing to venture into those areas?  

However, many of the “crowdfunding” exemptions have restrictions that do not make them appealing to real estate syndications (e.g. a lower cap on the total amount you can raise, limitations on how much a single person can invest, etc.) which is why there are not as many real estate syndications open to the general public.If you’re an accredited investor you can invest in any real estate syndication.