If we are talking local apartments, which I highly recommend you stay in your backyard for investing, then, 25% is the minimum you need to budget. Second, you need to speak with a commercial lender if you plan to buy 5+ units, or a very skilled residential lender if you are looking for a 2 -4. Long beach could be a great market for cash flow - 5+ units, while Huntington Beach is going to be a safer easier to manage option.
You may contact me if you have any more questions.
Sep 14, 2012