Is this a Rehab deal or a cash flowing property?

Yes not just for cash flow but for the health of the deal.

Hello Zachary,  You are correct in looking at the Mid-West for cash flow. 

My goal is to purchase 15 units in the next 5 years, and produce a cash flow of $20k per month within the next 10 years.  

Purchase price: $350,000 Cash invested: $10,000 House hacking my first home by converting the master bed into an independent studio that we rent on Airbnb What made you interested in investing in this type of deal?

Are they going in all cash or financed? 

Apparently they take preferred interest in your company or have you sign a UCC cash flow agreement.

I would think the only way Feds come in and lock this down if they can prove that the investments noted in the offering were never made and that the sponsor just pocket the cash and used new cash to pay the old investors. 

Net worth and cash flow

Quote from @Carson Hyland: Even if you buy the right property, failing to manage it well will kill your cash flow.