The market is made up of a lot of players of varying sophistication (RE hedge funds probably at the top of that stack).

I'm not in your area, but here are a few recommendations for you to get started:Read Beginner’s Guide:http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsIt is a great place to meet new friends and learn about various aspects of real estate and more.

Here are a few recommendations for you:Read Beginner’s Guide:http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsIt is a great place to meet new friends and learn about various aspects of real estate and more.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Lending is governed by State law and can vary considerably from State to State.

roc,10% of collected rents is typical, certainly it varies by market.

But, it varies all over the map, so you should talk to lenders when you get to this point and see what's available.Financing gets much more creative for commercial properties and commercial loans.

It varies by state but in TX for example it will cost you ~$1500 for education/state fees/realtor fees to get your license and about $1000/year in fees to hold it.

Or does different states vary?

Call 4-5 find out what they think of the area, what they see properties that size selling for per unit and what the expenses are per unit by category.