@Karen Modell  I have never heard of anyone getting one. 

Always, Always start negotiation with a delivery of a notice to vacate (if applicable).  

At a bare minimum, you would have to target a 5-unit... but if we're focusing on 'how many is too many,' we're kinda missing the point: the first step should be to set goals and then let those goals drive you toward clarity on next steps and property size/type.Regarding investors: I think it's always a good time to build new relationships and strengthen your network, but until you have either a 1) real deal to talk about, or a 2) a model/mock deal that reflects a similar deal you expect to find... then it sounds premature to approach investors about equity capital.Recommend heeding the wisdom from @John Corey @Lane Kawaoka @Chris Grenzig, above.

We have began to evolve our business model from brokering hard money loans (and some private money loans) to using our connections and capital partners to acquire property.

You can get real estate with bad credit, but it is not something that is a sustainable business model.

Send it by email/regular mail and by certified mail/proof of delivery.2. 

Suppose, you business model is to blow your wad of cash on one house and save the cash flow to invest in another property in 5 years.That is a long long way down the road to success.

I'm actually working right now with a couple of groups who are developing a "syndication model" that accepts 1031 but is not a TIC although a TIC/DST structure for a 1031 into a syndication is the most common.

I have run the numbers, built models, evaluated pro-forma, but I am still nervous about my assumptions and my assessment of the market condition.

I too am not a big fan of the loss model but don’t know if it is better to have more reserves.