The rules are more complex than we can fully explain in an online forum.

I’m wondering if the influx of newer apartment complexes near campus has shifted the supply and demand balance.

The interworkings of Appfolio are pretty interesting with how complex it is and all the things you can accomplish. 

Partner with a Real Estate Tax SpecialistThe tax code is complex, and mistakes can be costly.

Having a group of friends living in an apartment complex creates a sense of community and reduces turnover.

Whether you need a CPA with just three rentals depends on the complexity of your situation and your comfort level with DIY tax prep.If things are pretty straightforward, you might be fine with tax software for now.

So it sounds like it will be "tax-free" initially, but when the complex is sold after about five years I will be taxed on those monthly distributions.

That just adds a level of complexity to everything.I think there is so much opportunity in the US, that why would you try to complicate everything x10, but investing in someplace like Spain. 

For the first time in years I’ve noticed many of the larger apartment complexes even offering the first month free to fill vacant units, so it’s clear that demand is down.

Apparently the seller own multiple in the complex.