To get better pricing you should drive by construction site and ask the different trades for their number.

Identify actions (if any) I should be taking on this current property between now, the inspection and closing to minimize my risk exposureThanks in advance!

It's not easy to move from watching to action so I applaud you there.

Of course, there are costs associated with moving, just as there are costs/trade-offs associated with financing with less than 20% down.That bit being said, did your lender talk about using a FHA loan? 

For all applications I receive but deny the tenant, I need to send them an adverse action letter via mail detailing why they weren't selected?

Both are great ways to learn while taking real action.

@Russell Brazil appreciate this Russell so trading a possible issue for a definite issue.

We'd like to identify a long-term city/trade area to invest into 3-10 SFR of multifamily rental units (in 2021) and continue investing into over time (goal would be 1 property per year).

Meaning a person can be both dealer and investor.To determine if the taxpayer is a dealer three questions must be answered:(a) What is the taxpayer's trade or business?

Being consistent, taking action and working through difficulties is hard though.