Make sure your financial advisor understands real estate taxation, financial planning and tax planning. 

So, if you don't know how to build financial models, there are some available that are pretty good online (adventures in CRE is a great resource).  

You may want to research the term ' Debt Financed Distribution' Which does have a tax implication for the investors receiving a distribution.

Why not use bank debt or alternative lender debt if you don't qualify yet for bank originated debt?

Now it's an out of control machine with a lot of financially incestuous relationships in the tupperware farm.

All those people you perceive as broke ,financially illiterate or irresponsible live somewhere unless they are homeless.

There is no requirement for @John Gillick to replace debt with new debt. 

Combine that with some government austerity and the debt issue improves.

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

When vetting a passive deal, every investor will do it differently because every investor has a different risk tolerance, comes from a different financial situation and has different financial goals.