Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

I would not necessarily advise being cash flow neutral or negative before you account for these types of things.

My last few BRRRRs I ended up with negative equity, even though after a full gut rehab, still worth it in a market full of old houses. 

Not looking for either a positive or negative NET population change.All topics and issues even in REI, I believe in using both Push/Pull tactics.  

Does anyone have any positive or negative experiences?

So eventually this negative cash flow property becomes cash flow positive and pays for itself including property taxes, hoa, mortgage etc.Trying to calculate how bad is my investment here or should i sell out if there is appreciation 

This creates a negative initial position.

I am interested in the legal aspect of the transaction.

The aspects that would make me look very hard are: 1) how do I ever actually get my $$ back out of the UPREIT?

When I do it at 20% down, I can only find negative cashflow, so I could be looking in the wrong spot, or I need to put more down, or I am missing something all together.I have read that making a 8% return or higher is what to look for, and I can find break even.