So, the bank assumedly "bought" the property at a "real" auction because (1) it wasn't happy wtih the bid amount, or (2) it wanted to pursue the owners for the negative equity, and needed the property to sell at the fair market value.That makes me think it is clear this is the primary lien. 

Most investors around dc are banking on high appreciation. 

The one issue with having different portfolios in Appfolio is that all the money flows into the main account and you can't have separate bank accounts for each separate portfolio, I don't know if that is an issue for you or not, but felt it was worth mentioning.  

Not interested in house hacking, and let's just remove the fact that we're buying a home to streamline the hypothetical then: if you had $30-50K right now, would you prefer to try and invest it in something immediately or let it sit in the bank to contribute to a future multi-family (approx two years from now)?

Could there be bank liens still in the property that is being auctioned and how can I check those?

Hence, most mortgage brokers/banks consider residential real estate to be any property below 5 units.

I’ve been talking to a few local banks and it’s a mixed bag of responses: in general, they’ve offered very short (5 to 10 year) term loans for higher rates.

The 83 year old wife of the nephew (her husband) has been given POA over medical, banking and dissolving the estate.

□Do you have a separate bank account (check or savings) for each LLC?

Some commercial banks that do the loans on apartments may also be a good source for sellers.