Thank you @Jaycee Greene and @Hossein DaneshIn sum:- 42 apartment rental deal (land has potential to add 32 more on  two small building but that phase would be out of scope for this initial stage analysis).- Negotiated sales price $3.2 (seller financed)- 30% DP @ 7% / 20rs.

Those are old enough to see some that need extreme updating and could potentially have value add component with a decent spread.

How to track potential growth in an area to see if a lot is viable for purchase and building spec homes on etc. 

I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

In efforts to get more experience with IOS, we are seeking a financial partner that potentially has experience with this asset class. 

Think about all the extra time trouble and cost it takes to turn an ordinary house into a vacation rental...just my two cents though...

Many cost segregation study professionals will offer you a free quote on the cost of the cost seg study specific to your property as well as the potential tax savings.HOW LONG DOES A COST SEGREGATION STUDY TAKE?

Since you’re already networking and have some good realtor contacts, focus on narrowing down your investment strategy (like buy-and-hold or house hacking) and target markets with solid cash flow potential.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

Because you're new, it is a good idea to ask about the brokerage's agent training offerings and potential teams to join to get experience.