You can do 15-20 rentals, with Property Managers, and be doing $80k pre-tax.  

I work on the side for banks and mortgage companies as a contact t inspector for houses that are vacant or are in pre-foreclosure. 

Youc an go 15 or 20 year terms but basis points creep up another 50 to 100 or so on the rate reducing returns. 11% COC pre-tax is doable on class B assets.

Some are posted as occupied or "pre-listing" on their website, but you won't be able to get into those and there is more risk.I know several people who have bought from there.  

We did not get pre-approval from Wells Fargo.

HOWEVER our interest rate will be at least 9% higher.IF you are buying a property that needs work at a good low price, you may consider going for a hard/private money option WITHOUT pre-payment penalty.

Special conditions) If there is any other condition to be met or agreed to, such as any pre-payment penalty applied to any part, such would be described.

@Justin Foley Are you confusing "proof of funds" with a lender "pre-approval letter"?  

I was working with a lender who has pre-approved me and told me that I could get a loan on a multifamily for 5% down.

I am looking to meet with local portfolio lenders as I begin the process of getting pre-approved to buy single family homes to buy and rent.Shoot me a message if you have anyone you can recommend!