@Jonathan Jewell The answer is "very carefully". jk. Talk to a Securities attorney. They can brief you and the dos and don'ts within an hours time. Check with @Kim Lisa Taylor. Sorry to hear about your deal. That sucks when you get to the finish line but can't close due to equity. Just be sure to back out before you lose anything and be honest with your broker so they don't feel mislead if you back out suddenly. Your reputation is everything among brokers. Do what you say you will do.
@Todd Dexheimer Agree to disagree. 1) yes you can get non-recourse but not likely as a new buyer. I have non recourse on my 26 and 61 unit. In general new buyers will be buying recourse, especially if there is any construction hold back. 2) Your expenses do not grow linearly with your income. Your total expense per unit decreases as you do bigger deals. That is just facts. 3) You are operating several MFs like a SF with a shared property mg and maintenance man. Most people will not have several small MFs. Especially if this is there first one. Also, a SF prop mgr and a MF prop mgr are too diff skill sets. Similar but the MF PM must handle more. 4) Until you bid on larger properties (200+), you won't understand. Your statement is all based on assumption.
Close those deals you have under contract that are over 100 units and maybe you will agree with me on the above. But for now, your perspective is entirely based on the small deals you have done. No offense. I'm providing perspective from somebody who started small and grew big. You want to be only doing big deals if you can. From reading your comments, i know you are well on your way to getting there. Just a matter of time.