I learned early that the note "business" was much more complex than I ever had initially imagined. 

There are also several PODcasts that feature agents . 

biggest issues are -raising hoa fees-poorly run hoa-too many rental units in complex making it harder to sell with conventional financing.

The more replacement properties involved (identified) the more complex the 1031 Exchange becomes, but it can be done. 

I use craigslist a lot and the map feature is an efficient way to estimate rent for a property you're looking atYou can look at current listings and what prices homes sold for on Redfin Shop for financing (2nd loans, HELOC..etc) from as many sources as you can - Chase gave you one option, get other options from other banks and credit unions in the area. $40,000 (for total purchase price) might not get you a SFR in the antelope valley but might get you a mobile home - $6,000 will of course limits your options.

Finishes and features that make a property unique really sell. 

Fix up apartments with green features.

I'd say half the units in my area under a 24 unit complex are for sale, pretty much like most small motels, mom and pop drive-ins, small dinners, older storage facilities and car lots leased to used car dealers who go  bust every 3 years.

Kind of like a mini appraisal but not as involved or complex as an appraisal.  

Closing on a MHP/apartment complex deal here soon through a local bank.