Definitely get the estoppel letters and copies of existing leases.Apartment complexes change hands frequently (if judging by the "under new management" is any indication) and I can assure you they don't kick everyone out and start from scratch.

That would clarify what you are trying to achieve.LLC with a good operating agreement.SyndicationREIT fundEach one has an increasing level of complexity and reporting requirements 

Plus, managing an LLC adds complexity, requiring adherence to state regulations and additional paperwork.

Be careful; the rules for qualifying for a real estate professional are extremely complex - it is an area of the tax code that many practitioners and even judges (tax court cases) have gotten wrong.

I had a couple of people suggest to me to 1031 my Bay Area SFH to buy an apartment complex or multiple single family/duplexes out of state to "cash flow" better.

It's easier for landlords who own a lot of units or an apartment complex to bear the burden of non-paying tenants.Look for areas with population growth and population changes.

.- Management complexity necessitates careful documentation and legal compliance.- Lender familiarity issues arise as some lenders may not understand Series LLCs, thereby complicating financing.A Series LLC offers a streamlined, protective, and flexible way to manage multiple real estate investments.Thanks,

However, even within the same city, I have found that some Section 8 agencies are easier to work with than others.Alternatively, if you own an apartment complex, you can apply to make your entire complex Section 8. 

Does anyone have brokers they would recommend working with for smaller (5-15 unit) apartment complexes in the Indy area?

Because of the size, I’d look at what apartment complexes are charging as well - it’s not a true comp but it does affect marketability due to the amenities that come with complexes.