Tread lightly and make sure you can afford it.

Do NOT pay $100 or whatever for an EIN # either, get it for free directly on IRS website with the same amount of energy. 

Normally when you hear cap rates this high the expenses are not calculated correctly or certain expenses are omitted (no vacancy loss, no management fee, light on repairs etc). 

Account ExecutiveMomentum Dynamics - Todd Daniel, Director, Customer Solutions & IntegrationNuvve - Rawah Baker, Senior Sales ManagerSemaConnect - Chris Rogers, Territory Sales Manager, NorthwestOpConnect - Amy Hillman, Vice President of SalesProterra - Mark Hollenbeck, Regional Sales Director, NorthwestShell Recharge Solutions - Dominick Sanchez, Regional Sales Manager- WestInCharge Energy - Kent Ellis, Sr.

Not to mention it would be so much less of a headache and so much less time and energy invested on your behalf, plus much less exposure to risk, easier to manage etc. to just buy a single multifamily for $800k in a good location with strong underlying fundamentals. 

Could an experienced s8 investor shed some light?

Account ClosedIt's right if you have the resources time and energy. 

With a bank statement loan, if you have decent credit (700+) and 10-20% to put down, you can light your tax returns on fire and replace them with 12 or 24 months of bank statements showing your cashflow.

Replaced doors, updated some of the light fixtures, refurbished the kitchen cabinets and countertops.

Full new paint, new flooring (vinyl plank vs carpet), new cabinets, countertops, fixtures, sinks, tubs, lighting, basic rental grade appliances, etc.