You're in a great market in Columbus Ohio! 

Key Details of the 45L Tax Credit:The credit offers up to $2,000 per eligible unit for builders and developers of residential homes that meet specific energy efficiency criteria.To qualify, the units need to meet or exceed certain energy performance levels in comparison to the national model energy code (e.g., the 2006 or 2009 IECC — International Energy Conservation Code).Cost Considerations for a 90-unit or 112-unit Project:The actual cost of qualifying for the 45L tax credit depends on various factors, including:Energy Efficiency Compliance: The primary cost will come from ensuring that each unit meets the required energy efficiency standards, which typically involve energy modeling, certification from third-party energy raters, and potentially upgrading insulation, HVAC systems, windows, and other components of the building to meet the necessary performance levels.Energy Modeling: Typically, you'll need to pay for an energy consultant or engineer to model the building's energy performance and ensure it qualifies for the credit.

We’d love to collaborate further and share more ideas as you develop your vision.

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

I work specifically with investors and market for run-down properties that I am able to offer to investors I work with exclusively, on top of the properties that are available on the MLS.

With a HELOC being around 9% I'd probably be paying more in interest than the money would make in the stock market.

I avoid the multi-family market here, so unfortunately, I will not be a good go-to here, but I am confident you will find quality resources and help here on BP.  

We have no interest in contact data gathering, as that space has been well developed. 

Leverage your W-2 income for better loan terms, explore private/hard money for off-market deals, and network with investors to expand your deal flow.Good luck!

Together, we have over $200K (mostly in stock market investments), and our parents may help with the down payment.