One complex I own in replaces up to the studs.

These systems are becoming more sophisticated and (my favorite) capable, leading to improved user experiences and potentially freeing up human employees to handle more complex tasks and interactions.

It just adds complexities and costs without any benefits. 

So it sounds like it will be "tax-free" initially, but when the complex is sold after about five years I will be taxed on those monthly distributions.

Does the condo complex have rent to own percentage restrictions (they all do, you want to know what percentage is allowed and what percentage it is at now)?

Networking with other investors can provide valuable insights and support, helping you to navigate the often complex landscape of real estate investment.Remember to factor in potential risks and have a contingency plan in place.

A good friend of mine, managed a similar transaction last year: he merged several single-family homes around Florida and exchanged them for a mid-size apartment complex in Chicago.

This experience will help you prepare for more complex real estate deals in the future.

I bought a 16 unit apartment complex that was a expense nightmare, with low rents, that I eventually gave up trying to make profitable. 

Out-of-state projects add another layer of complexity.