What Savannah needs are some mid, and ideally large, caps to step into there and make it's home place.

Thanks for jumping into this @Jay Hinrichs- My CPA assures me that by retaining title (not transferring it to the partnership) I can enjoy cap gains on the land profits portion.- All the costs you list are in the $2M. 

Most of the properties I have seen have CAPs around 3-5% tops in LA.

Check cash flow, cap rate, and cash-on-cash return to see your investment returns.

You can find cash flow with 20-25% down on the Coast, the most common cap rates on the Coast are around 4.5%-5.5%, 6%+ caps are rare finds...

Let me say that you can wear all 9 caps, do it out of your pocket and not have time or the success.

It will be a new asset with little to no cap ex, and lower expenses.With an apartment, if you buy an existing building, you will cash flow day one, but there are other concerns, such as age, property management, debt, exit strategy.It depends upon your goals with the money, if you're trying to create income, or if you're trying to go into the business full time.Gino

House was fine - really no cap ex expenses for several years.  20% down. 

Your best bet is doing a cash out at 80% LTV to maximize proceeds, since most HELOC lenders will cap your loan amount at about $500k.

Put together asymmetry in your investments, cap the downside but stack upside.