Geography, as you mentioned, and Taxation are another concern that should be addressed. 

The 2018 second quarter RealtyRates Investor survey says that apartment cap rates are on average between 4.9-13.8 nationwide depending on LTV, but the survey is not limited to recent acquisitions and I assume that those that participate in the survey know what they are doing .So this bring me back to my question: for those who are actually set up to responsibly invest but don't have the experience or network to hit the 15% CoC returns in today's market where the pros are also claiming good deal are hard to come by, is shooting for the 5 cap cash purchase on their first deal to learn the ropes a crazy idea?

(smaller buyer pool of people able to qualify) Eyeing the Federal Reserve Graph showing historic home values, I think average sold home price should be somewhere around 1st Quarter 2013.   

A few months back we had one that was $500,000.25 (or whatever it was, there was a quarter on the end).

My water bill is being run up every quarter, and I'm paying over $500 each bill.

Down side, there are two I am aware of that is you get taxed as an LLC and then as that income goes to you you have personal taxes (Known as double taxation), and the insurance and property taxes may be higher.  

But it would seem appropriate that a gross sale of $1 mil with the components of $700K actual sale and $300K gift, would still require a reinvestment of $1 mil since the gift is made of value to avoid taxation to the recipient so the gain should stay with the donor.

DFW: 7.7% Of Home Sales Were Flips In First Quarter 2018DALLAS (Dallas Morning News) – Dallas-Fort Worth ranked ninth among the cities with the most home purchases and quick resales in first quarter 2018, according to Attom Data Solutions.

Short-term rentals might fall under Loudoun's new laws about AirBNB-type rentals, which at this time require only registration (taxation and permits likely to come in the future).

My ideal living is not close-quarters apt. complex, even with amenities I couldn't afford on my own like pools, gyms and social areas.