70 Unit Apartment Complex....New REI...Where to begin?

[Luke Metzker]

Hello, 

I'm new to REI and have been trying to educate myself for the past couple months. I have been focusing on multi family. I am a high income earner and would like to replace my salary of around 200k with passive income in 5 years. A 70 unit apartment complex is fore sale in the market I have been looking at. It is close to a university in a B-C neighborhood. The asking price is $3,190,000 and is about 80% occupied. It is a mix of 2bdr and 1bdr units. Tenants are paying ALL utilities on 39 of 70 units. Landlord is paying ALL utilities on 24 of 70 units. Landlord is paying PART utilities on 7 of the 70 units. Current management is getting any new tenants or lease renewals to pay their own utilities. The management team in place charges 8%. I have looked over the memorandum and based on their calculations, the COC is 7.5% in year 1 and goes up to 15.5% by year 5. This would be my first major REI other than the house I own, which I am currently renting. There is obviously a lot to digest from the memorandum and much of it is beyond my knowledge base. Any recommendations on how to proceed or who I could reach out to for advice?