First time MF buyer from out of state .... red flags?

[Account Closed]

Hello Bigger pockets! 

I've been part of the forum for about 3 years now, and have finally decided to take action on buying my first property as a GP. I have chosen the Cleveland area as I would like to purchase something near where a friend has bought his apartment complex. I've done a few LP deals with them, and am looking to JV on anywhere from 30 to 50 units.

At this size I was wondering: 

Is there usually an on-site manager? 

What is a good expense ratio for a complex of this size? Does 40% sound to good to be true, is it more 50 or 55%? 

Anything else Im not asking that i should? 

Thanks a bunch guys! 

Zack

[Joshua Janus]

Based on comparables that I've seen on the market, 40% would be on the lower side. A lot of the Cleveland apartment complexes are older builds and tend to come with a certain degree of deferred maintenance that needs addressed.