Best Answer: If you are talking about apartments, those are considered commercial properties. There are very few commercial lenders that will give you a 100% loan on commercial properties. The lender is gonna wanna see you come in with some money of your own, normally about 15-20%. You are now talking about a business.
Like one of the other individuals stated in order to get a loan you will have to produce income verification, money in the bank called reserves, some lenders will allow 75% of the rent toward income, but you have to figure that who will pay the mortgage if you only have 5 people renting a 15 unit appartment building? This is what the lender is looking at when they want to see income and reserves. They will also want to know if you have any experience at managing a commercial unit.
You might want to start out with a duplex, qualify for a mortgage, live in one and rent the other side out. This gives you two things a rental property as well
as the expeerience at renting a commercial property. Once that has done good for you try another duplex or 4 units with you living in one, that way you qualify as a owner occupied property and the interest rate is lower. Now you have five (5) rental units and is staying in one, so you are almost living free.
You have now got your net worth up, you should have kept some of your money in the bank for potential repairs to your rentals, so now you have reserves. You can now move up to a 6-8 unit apartment building. You have everything a lender is looking for. You still will not be able to get a 100% loan, no one is gonna put you in business without you putting some kind of money into it.
That is sorta like going to Mcdonalds asking to be given a franchise without putting some money down. The real estate industry is the same way.
Think about it.
I hope this has been of some help to you, good luck.