I am, admittedly, a complete novice but I consider myself an astute student! 

If you are using a third-party site to conduct the background checks, sometimes they have the option to send a person, a denial letter, and due to the fair credit act it may be required to send them a notice, informing them that you checked their credit and background so that they have a receipt that it was completed.

Quote from @Augusta Owens: Hello all,I'm completely green when it comes to real estate, as in currently learning the terminology new.

If not, I completely understand.

Also, the ability to find good deals with an accurate budget to complete the project up front from some good project managers/general contractors.

Your opinion is not fact and what you are posting is completely false.

However, there’s a catch—I’m looking to partner with an investor to help provide the capital needed to complete the deal (would need to raise around $200,000-500,000).

I perhaps naively went ahead with the registration and inspection after completing purchase of the home, and wound up with a hefty repairs bill of around 3k.

I would want to make improvements to all units and increase the rent to market value when the renovations are completed.

I just completed a 1031 exchange where I sold a home in east county in an hoa to do a 1031 exchange and purchase a multlifamily in South Park of San Diego which has room to add 4 more units.