I've been doing this 20 years, so know how to operate these.

Originally posted by @Joe Sera:@Christopher Smith when you 721 into the UPREIT you receive Operating Partnership Units (OP Units). 

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

Hi Richard, Do you currently own/operate LTRs?

Operating as short term rental by the bedroom, grossing $3500 - 5000/mo, between $500-1000 net.

These guys operate like flies on the wall.

Yes BofA is all over the country but if you go to your local branch it's pretty likely that loan officer and/or office wouldn't be licensed to operate in another state. 

I operated in Baltimore city for less than a year.

where do you operate? 

@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).