I don't remember exactly what it was but had something to do with posting deals, or percentages on returns, and other financial information. 

@Kyle Houlahan I would second an LLC and also have an operating agreement the states what the job responsibilities are of each partner and what percentage of the deal each partner has. 

You can still look for an experience investor looking to acquire another apartment complex, but instead, partner up with him/her and offer them a percentage of the cash flow and equity.

Then its a percentage based on that. i.e. if land is valued at 1m and you bring an addition 2m to build then its a 33/66 split.

If your offer doesn’t payout the total amount owed the seller would have to come up with the difference at closing.

The money for maintenance and capital expenses can come from several sources such as 1) cash reserves that literally exist in an account somewhere; 2) "good" money you have access to such as a home equity line of credit; 3) "bad" money you have access to such as a cash advance on a credit card; 4) funds you are building up each month by setting aside (again literally) money into a rental savings account or your rental checking account; 5) payouts from a home warranty for specific items covered by the home warranty.The amount that I set aside each month can vary depending on the amount of rehab that I have done to a property before renting it out.

If the big expenses were around $10k each, that would add an added 13 years to recover that cash, and this repeats, so you never catch up.The dollars (not percentages) you need to make, and use for analysis, must be based on your plan requirements...NOT some arbitrary number that you adjust as you go to make a property work.Your not going after properties...you're going after deals. 

In my experience Most insurance  policies are packed full of disclaimers for such things  to get them off the hook to pay out claims .

@Victor LauWelcome there’s many places to invest out of state they can get you closer to that one percent rule I think more importantly you should focus on investing toward your goals not just towards a percentage that people say you should buy at.

The bank may apply to HUD for a variance in the event that the seller has other liens that may be cleared with the sale, but there are guidelines for what variance percentage is acceptable also.