Once it's updated and nice you will get plenty of tenants to choose from.

Like they say, you can make money in an up or down economy, it's simply a matter of choosing your deals correctly.

I choose this route because I feel there would be less competition rather than a pre foreclosure list

.- As a Broker can be a great resource, how should a new multifamily investor go about choosing the right Broker and also building a relationship with that Broker?

You should only choose something YOU are passionate about, not what someone else is passionate about.What do you like that is RE related?

Then you'd have to choose another, maybe at a lower rate of return, not to mention the downtime in between.  

If it is possible to de-convert condos back into apartment building and the recent comp sales of a similar type 3 unit multifamily are more than the sum of what the 3 condos can sell for (again using comps) then i would choose whatever option makes most moneyIts just laying out the 2 options and finding out which option gets you the most money (cost benefit analysis)Curious to know how they would come up with the break out of the sale.

Choose your sites carefully.

No matter the degree I choose I will most likely pursue a certificate program in this area too but given that my experience is based heavily on leadership skills already I’d feel like a masters in this area would be slightly redundant (not to down play its importance at all though).

*update*The seller was had to choose between my non cash offer and a cash offer.They chose the cash offer so I won't be getting that one.