The process can be lengthy and complex.

One of my first investments was a 40-unit apartment complex and I quickly realized that I preferred single-family homes.

depending on the size of your complex and location you will have to get a permit from you state Department of Natural resources. 

This whole situation on scale of 1-10 on landlording pain/complexity scale is a 2.5.....

It can get pretty complex versus long term rentals - I'd highly suggest using tools like AirDNA that has pretty sophisticated data and projections on STRS in every market before pulling the trigger

@Michael DevensHi Michael,Would you be interested in a Limited Partnership on a multi tenant industrial flex complex?

Just read this incredible headline WOMAN APOLOGIZES FOR FIRE STARTED BY EFFORTS TO KILL BEDBUGSMonday, November 09, 2015 11:00AM DETROIT, MI -- A Detroit woman has apologized for a massive fire that she and authorities said was accidentally started by her efforts to eradicate bedbugs from her apartment.Tuesday's fire tore through Ramblewood Apartments, destroying the 48-unit complex.

Cons might include increased inspections and regulations, potential for property damage, and the possibility of dealing with tenants who have more complex needs.

You can see how this gets complex quick.On Building Big Infrastructure in the USAAnd, if I may be so bold, a note on larger infrastructure that obviously affects the real estate economy: What about large infrastructure project that get bogged down in litigation?

My North Oakland units, purchased 2015, are all condos in a single complex = no rent control.