Trying to move up to apartment complexes

[Toben B.]

Hello,

I now own 9 units via 3 duplexes and 3 houses, and I would like to make the jump to a 40+ unit apartment complex. I want something big enough to pay a property management company as I already have a full time job.

I seem to have 2 major problems:
A. I can scrape up enough to buy a small house with cash, but this does not appear to be big enough for a down payment on a midsized apartment complex.

B. Although I understand CAP rates, I can't seem to find any apartments priced well unless they have huge vacancies or are all 1 bedroom units and I know those are hard to keep rented in my market.

1. How do I move up with only $50-75K in cash

2. How do i find the good deals? I know how to do so with duplexes/houses, but I am missing something with apartments. I am targeting south or east Tulsa metro.

3. Has anyone else made the jump easily from single family and duplexes to midsized apartments?