In which case, i am not sure that would qualify as a sale (check with a lot tax adviser)Like Cara mentioned, if you don’t have a good enough credit score, you could make it impossible for you to obtain the loan.

Also, there are quite a few areas where the bankruptcy data is not available or next to impossible to mine.Low FSS can be applied to a list along with property attributes so you would only be mailing to owners with property you want to buy.

Most studies of historic markets (real estate and stock market) say that timing the market is impossible.

Please forgive the lengthiness of this post.My situation isn’t unique, but there are one or two factors that make this situation, in my eyes, impossible.

Of course, it's impossible to tell what will happen in the future for sure.  

As Ankur has mentioned, without access to MLS it seems almost impossible to find a decent deal around here.  

Is it pretty much impossible to get a loan on a multifamily property without previous experience?

It's always tough to start over, but never impossible.

With no HOA, It will be next to impossible to get all the owners together to replace the parking area, especially since most of these units are rentals.

@Raymond Hill Assuming the 50% rule:Monthly Rent (assumption): 1k/monthAnnual Rental Income: 100kAnnual Revenue: 200kUnits Needed: ~17It will be hard (not impossible, though) to hit 50% OER and in all likelihood you'll be in the 55-60% range.Cost per Unit (includes purchase price + rehab): 45kUnits: 17Total Cost: 765k (45k *17 units)LTV (loan to value): 25% Capital Required: ~191K (765k * 25%)That being said, before going into a deal, it would be prudent to consider enhancing your knowledge by partnering with experienced investors and/or attending local real estate events.