Just make sure you know the rules for loans with a non-occupant coborrower, as depending on the relation (whether they are a blood relative or not) and the type of loan you plan to use, there can be additional requirements for LTV and DTI.

I believe Appfolio still has a 50-unit minimum requirement.

Rates are coming down right now and a cash out refinance offers additional benefits that a Heloc cannot not offer.Heloc cannot be used as an "Asset" or for PITI reserve requirements when buying another REI.Heloc is an open end mortgage aka debt obligation and can cause DTI issues.Heloc is in 2nd lien position which means you cannot borrower more until you pay off the Heloc.Cash out refinance offers a 30 year versus Heloc typically 15-20 year higher rate.

and 2nd in multi-family do you see trouble ahead for all these Floating Rate 2yr/3yr loans taken out at historic low cap rates in 20-22, that may require big cash injections to re-fi?   

Recently the HOA was required to complete a new reserve study in order to keep a minimum percentage of reserves. 

There are also refinance programs that have 3 month seasoning requirement and sometimes none. 

As the title says, I would like to purchase a few (or a couple of larger) multifamily properties to cash-flow at least $10K per month (ideally $12K/mo.).The criteria are mainly:-B-class properties/locations (i.e. no "ghetto" properties)-Professionally managed by a reputable/trustworthy company (not fly-by-night operations)-Looking mainly in Texas DFW, San Antonio, Austin, Houston) & Wisconsin (Milwaukee and surrounding areas)What kind of investment would this require? 

@Ane DeysI would not generalize all REITs as being equal and there are also a lot of private funds who did not go the REIT route as a reit, while having specific tax benefits is also required to be passive.

@Corben Briggs are your books clean so to speak, or do they require adjustments by your tax professional?

I'm in multiple states and each state has different requirements so you'll want to get one drafted for your specific state and include any additional requirements you want to add such as a utility cap.