Investment Info:Large multi-family (5+ units) commercial investment investment.

I own a 21 unit in Lexington County.

Note if you go over 4 units, your valuation will be based on NOI and comp rate.  

Another would be you are building other units next door/nearby and you can chalk this build up to the "learning curve".I didn't see a CFO on GLH or GLC's website, but I'm sure you have someone doing this type of financial analysis for your developments?

What seems most attractive for now seems to be multi-family markets starting out and eventually moving into 5-20 unit properties for growth. 

I am conflicted on whether to use the 500K on one big property (ideally multi-unit) or buy several smaller properties.

In my experience, cost segregation studies are a lot less than $10-15k especially for smaller properties (6 units and below).

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.

These units are in rural Illinois. 

Industrial is supposed to be a bit harder to enter initially for folks who don't have capital, but the tenant base is responsible for their units (not you).