I try to use lenders Ive utilized in the past for simplicity, and relationship.My past loans have been in the same range your mentioning; but perhaps this exact loan (Amount, LTV, Multifamily, OOS, Investment, Cash out) triggers an industry standard higher origination costs???

Make sure you use the city or cities you will be in this will trigger investors keywords and bring it to their attention. 

The first lien holder would probably then foreclose himself, as your foreclosing would trigger a default provision of the mortgage or deed of trust.

When you don't have any silver hairs to add to your credibility, people will look to other external cues to judge you. 

It's entirely possible that some event occurred that triggered the termination of the trust.

It’s common when a municipality runs water lines that owner’s may be required to hook up at some point, a property transfer being a trigger.  

Moving the property into a land trust does not trigger the same flags (Due on Sale Clause) as does a transfer directly into an LLC, so it gives you much more flexibility.

I've bought all the books and listened to the podcasts and have yet to pull the trigger.

And the correction will be triggered by outside forces affecting real estate (corporate debt, student loan debt, international policies that affect outside investors, trade wars, etc).  

The roof is 5 years old, the units have been fully updated within last 5-10 years and of course I would have inspection done prior to closing.So it seems like the numbers work out well, and I'm not seeing a reason not to pull the trigger.