If you’ve never owned a rental before, I’d highly, highly, highly advise staring out much smaller than 13 million and 100 units, and frankly unless you have 13 million in cash no bank is going to lend someone with no experience 13 million dollars, I’d start with multi family in one of three places, a class Baltimore, canton, fells, Fed hill etc, Frederick or the eastern shore of Md all of those markets are somewhat affordable have good tenant mixes and a relatively safe, see how it goes, if you like it, than buy another 2-4 unit, than another maybe once you have 8-10 units if you still like it, still are making money than go for something bigger.

Would love to hear from the BP nation with ideas!!

Since you are in NY or really anywhere Nation wide check in with @Joseph Chiofalo.

I lived there myself for 4 years, then moved out and converted it to a super-profitable short-term rental (it's ideally situated near great restaurants/nightlife, the National Zoo, Rock Creek Park, and hotels that host professional conferences).

The manager/owner, Darlene Brown, is local to Austin and charges less than the standard 20% gross profits that the national management services charge.

Were still seeing a healthy amount of investors from up north and foreign nationals purchasing in Florida. 

There are NO national HML/PML  not one company funds in all 50 states many will do the majority but NONE of them are nationwide even though many advertise that but its a little puffery by some of the legit ones .. but fake ones keep in mind NO one funds in all states.

Alabama has the second lowest property taxes in the nation behind Hawaii. 

Just wanted to share some insight regarding foreign national loans and mortgages for international investors without a FICO or US credit score asI've had a a recent uptick in international buyer activity and interest.  

The days of double digit year on year appreciation seem to be behind us, but 5-8% each year is still above the national average.