Think about weird parts of your particular explanation and be up front about them.

What a great explanation of this process.

Below is what you need to know that underwriting and programs guidelines don't tell you when considering a 223(f) apartment loan.AdvantagesHighest LTV in the marketEliminate refinance and interest rate risk with fixed rate terms up to 35 yearsLow fixed rates based on GNMA securitiesNon-recourse and assumable - makes for a great exit strategy especially in a rising rate environmentNo defined financial capacity requirementsNo geographic restrictionsNo minimum population requirementsSupplemental financing availableDisadvantagesLonger processing times - 120 days at a minimum (6-9 months is typical)Higher fees - HUD and FHA fees add to the overall cost of the loanMortgage Insurance Premiums (MIP) - Initial and annual premiumsAnnual audited operating statements requiredReplacement reserve escrows requiredHUD property inspections requiredOwner distribution restrictions and Cash out restrictions 2x a yearProperty condition is important to HUD, both during initial underwriting and over the life of the loan.

@Dave Foster great way to explain a reverse 1031 - it always seems to confuse people and this is a perfect way to lay it out, I may have to steal this two-step explanation in the future ;) Thanks for always adding value, even us ol' pros keep learning from you!

Congrats on removing geographical barriers. 

I really like syndication for geographic and niche diversification if you also like to venture into other areas besides MF apts, but maybe self storage and mobile home parks that have good demographic and supply/demand trends playing into their favor and throw off a lot of cash.  

geographic or industry?

Thanks  @Valerie Hiscoe and @Brent Causey for the explanation!!!!

What geographic markets are you focused on?

If you want to learn more about any of these terms (and you should), Google the term alongside "IRS" and you should get the IRS's documentation and explanations.