So what does “good potential” mean to you and what level of risk can you tolerate?

Recently, I think they've also been putting out "101" level webinars specifically on multifamily financing. 

Would those initial expenses factor into lowering the offer price?

So you really don't get a jump on anyone.Makes more sense to put multiple bids the same day with different LLC's at different pricing levels.   

My mom is selling her home and I am considering becoming the buyer for two reasons: 1) She would sell it to me at a much lower price than another buyer. 2) I can see how I can take it and turn it into a profitable cash flow property.Let me explain: It's an old 1 family home that is very small BUT the lot is big enough to completely demolish the current home and build a house that can easily have 4-5 One Bedroom Apartments which can go for $1,300-1,500/ mo. in the town where the house is located. 

If you can go lower because they are going to have longer term interest, maybe try for that.

I expected some lenders to see that we are seeking to maximize our investment dollars by investing in a lower cost city. 

This is owner occupied situation so I don’t want to lower my standers too much but I also don’t want to have vacant for too long.

My goal right now is to get out of the hassles that come with the "lower end" properties and save on the management burden. 

It is even harder at the level you are mentioning because you have a lot of competition.