There is no point in looking at a home that can not reasonably obtain a permit.

If I live a busy life and don't have the time or care to invest on my own, but want to put, lets say $200k to work, is a 15% cash flow return reasonable? 

Bottom line is buy as big as you can reasonably buy once you are out of small multifamily. 

One major things to consider that many newer investors miss with 5+ units, is that if you intend to hold, the property will need to be at least 75% occupied and stabilized before you will be able to find reasonable financing terms. 

For any particular reason?

Each exit strategy offers numerous advantages on both sides. 

Also, when you’re ready to list, make sure your priced reasonably.

I invested 6 figures about a year ago, and only got one distribution and that was only after numerous calls and emails. 

I got a reasonable discount on the purchase price, and it has made me a good amount of money over the years.

With only that information, I see no reason not to.