Even with a personal home purchase you should have some money stashed for the inevitable unexpected repair. 

Just my two cents but I'd encourage taking this point of view - you're never going to be perfectly educated, no matter how much you read or try to prepare, there's bound to be a curveball or something else unexpected real estate will throw at you. 

The first question you should ask IMO is what is wrong with the RE market if the most a seller can get for their MF property is ONLY $100k-$120 range ... that does not happen by accident you know, it is usually an indication of some fairly significant fundamental issues with the market. 

You would think that more people would cash out and sell, many are definitely in an equity position and mortgage rates have fallen again (totally unexpected as of last year) to about 4%.

But we had to build back credit due to my two car accidents in 2014,18.

Equity, healthy reserves to cover the unexpected, some cash to take advantage of unexpected and outstanding opportunities, and perhaps as important as these things, a steady hand and a healthy longer-term perspective.

Bureaucracy - Expect plenty of red tape, delays and unexpected problems.  

Id start with a 30 year, give myself the extra cash flow for unexpected expenses, and then figure out what I want to do with a refinance (depending on the income).

After two years and unexpected success, my WHY changed.  

Management is not responsible for lost or damaged clothing I'd also add a "management not responsible for stolen items" sign, and perhaps a general "you use this space at your own risk, management not responsible for accidents in this space" -type sign...