I really like syndication for geographic and niche diversification if you also like to venture into other areas besides MF apts, but maybe self storage and mobile home parks that have good demographic and supply/demand trends playing into their favor and throw off a lot of cash.  

My friend suggested this storage container company in Calgary .

My point in spelling out the above is that if I were in your shoes, my honest opinion is that I'd do my homework and be as wide-eyed and intentional as one can be in terms of where and what I purchased.Both of the Christian's in this thread made a good point that jives with what I'm getting at.

Construction ObjectivesThe budget for construction is 105k for the following items:Fix 4 of the 7 units (5 units currently vacant, 4 needing renovation and 1 needing a tenant)Add coin-op laundry and storage units.Add driveway for tenant use. 

I have a friend who did a few smaller syndications, and just recently he completed fundraising on a 100,000 s.f. storage complex. 

I was in your shoes in 2009.  

I've been in your shoes.

Another option is storage but that wouldn't make sense.

Hi Billy,Sounds like an ok deal to get your feet wet.As you listed out there are pros and cons to the nicer areas vs lower cost areas to invest...the biggest challenge others face in your shoes is actually pulling the trigger and getting the first deal on the books.

If I were in your shoes, I might opt for a 10% increase every 6 months pending it's legally an option. 10% typically is a nuisance, but not enough to move.