I have also connected with some folks on the residential side, so far I have not seen great cap rates and the inventory is low. 

Your ability to borrow.Take inventory of those 4 basic things and it should point you in a direction.

@Kirk Roberts so you are specifically looking for opportunity propositions correct and you're financially ready to acquire the buildings through conventional means?  

.- By Feb/2014 after seeing a lot of ugly houses and apartments we found a 2/2 apartment, in a good area (very close to Miami Lakes in Miami NW), recently rehab, in a condo that had 2 similar units for sale for $130.000 this was nicer, cleaner, and $90.000- The deal was conventional only, so we found our way to get the down payment money (thank you family) and she closed in Mar/2014, $20.000 down, $8.000 closing fees and $70.000 mortgage.- She end up paying $570 a month plus $300 Association, water include.- The rent of one unit like hers at that moment was between $1.200-$1.400.What the heck am I doing?

If my buyer screws up I get to foreclose and own the house at a much lower cost basis so I'd win again if I have to back up my loan guarantee.Ask around in non-conventional lending circles if a broker has created long term wrapable funds. 

This seems like a non-conventional method, but if they do the trick, I think it's an awesome idea.  

At some point creative stuff ends and you'll need to hit the conventional side.

I would get into a habit of performing an inventory review on a weekly basis to make sure nothing walks off the job site.

Another option you might consider instead of the FHA loan is a 5% down conventional with up front seller paid mortgage insurance.

@Twee NgYup, you can't get a cash-out refi conventional mortgage if you have 5+ loans.