Hello Kusum,For both 1) and 2) I would recommend you get your hands on the following reports (They are free): - 2017 Multifamily Investment Forecast from Marcus & Millichap- US Multifamily Outlook - Winter 2017 from Yardi Matrix- 2016 Best Performing Cities from Milken Institute- 2017 Viewpoint from Integra Realty ResourcesThe answer to the third question is very simple and straight forward: No matter what stage of the market we are, never bet on market appreciation.

My goal is to finance 100% of the deal through lending institutions and seller.

@Gary SowellThere are a number of institutional lenders/brokers out there that can handle the two new properties with no income verification if your debt ratio is the reason they are balking at the new purchases, but before you do that, you should look for a different mortgage lender and try conventional financing. 

The main guy has his Graduate, Realtor Institute (GRI) designation and MRP designation and is an approved Florida Realtors Instructor for multiple subjects in Real Estate and Property Management.

@Robert Pahel your lender is correct, kind of.You will need at least a 5% down payment for a Conventional loan, depending on what kind of 2nd mortgage financing you can get, either from the seller or institutional lender like a heloc.Your commission cannot count as a down payment, but it can count as an interested party contribution, just like a seller credit would. 

Between QOZ investments, and institutional investments it is certainly trending in the right way.

It appears sanity is returning.Finally, I believe the hedge funds, REIT's & institutional investors have stopped their scorched earth buying in the DFW area.  

Depending on number of units, this might take too long.Else, you could go to an institutional lender and get a bundle loan for 75% ltv or so.  

There's no bank that would do like this but there're LOT of religious private institution that's offering the same, only by different method (shared equity,limited appreciation,etc,etc).But just FYI, in my own view, the current fixed rate mortgage of 30 year I felt it's more "kosher" than those private company that's offering, is simply because on the private offering, the house is owned by them and not by you.  

The first application is made to the lending institution, typically a bank (though not always).