If you can develop a relationship with a community bank or credit union they are more likely to be flexible on their lending requirements.

You'll appreciate the speed at which you develop by going outside your comfort zone.

It forces you to work "on your business" instead of "in your business" because you aren't able to just drive by to fix something small, you're forced to develop systems to help you run things. 

Alternatively, I could put the investment in a more passive K1 offering (development) that's projected to grow 30% in 2 or 3 years. 

There may be some local factors (nearby construction development or major change) influencing the owner to sell at a discount OR perhaps the owner has not been keeping up with capital improvements and the tenant base as suffered and therefore actual collections of rent have been impacted.

It would need to be a ground up development however and I personally haven't done that before.

I listened to a podcast about real estate development, now all I see are the properties that I can replace.

Just as I start looking for properties, this news item crops up today:https://www.cbs17.com/news/loc...For those who may not want to go to the link, or the link goes stale, a residential development in my area went through a HOA change-of-mgmt, from the developer to a different composition of Board members.  

Our developer recently obtained the shell and core CO for the entire condo building.

Also big shout out to @justin R for letting me come onto his development sites to help out and learn some tricks of the trade.