To add to that, Dave's local bank, where he took out the loans for his properties, either went bankrupt or was bought out by another bank.

As the local governments struggle to manage tax payer money responsibly, they should really offer incentives to private builders to build "income restricted" at a much lower price. $220-$300/ft for vertical build costs.  

We plan to start in NYC and then create a network across the country, so we'd have local market experts. 

Good for Saronic! The Austin metro is sitting at super low unemployment rates 3.7% even as the metro is growing daily as the employment force expands rapidly. Saronic is in south Austin off south congress. 

I would check out some local meetups and meet with as many investors as I can.

Really your question would be, what are all the possible closing costs and there is a long list there, I suggest getting to know a local closing company to help you and they should have some info on a website.  

I am from California and I am looking to get into the local multifamily market.

I deal with development opportunities where I can and synergies between local businesses.Then I have my operations manager who handles most of the day-to-day management of the properties, and they manage some of our contractors and managers.Our model is a little different than large parks because we have regional managers that cover multiple communities vs a single one.The pain point right now is mainly having consistently qualified contractors and filling vacant spaces as quickly as we can.

I would get the list of owners from a local title rep you use, then take that to the local printing shop (all-in-one).

I can recommend a local attorney.