Once that reserve fund is established, move all future cash flow to an investment account.

@Robert BishopTo prepare for your first real estate investment, build a strong financial foundation with a credit score of 700+ and an emergency fund.

On the "most will not cash flow", I meant it as an expectation of rates vs. output.

Owning makes money from cash flow, appreciation, depreciation on taxes and write offs for your taxes. 

Bottom line sub too is an advanced strategy that should only be done by Experienced investor with significant cash reserves or access to lending/like substantial LOC that already exist and can be taped at a moments notice. 

I would find a property that can provide you both.I used to aim for 8% cash on cash return + 4% appreciationGiven where the market is now, it is likely hard to find 8% cash-on cash and a 4% appreciation.I think 4% cash-on cash and 4% appreciation is do-able.

Instead, as RAD explains in its circular, investors are given two opportunities each year to cash out their shares.The rules surrounding these cash-out opportunities — RAD’s “share-redemption program” — are stringent.For one, investors don’t get the full value of their shares if they’ve held them for less than five years.

How do others manage to create positive cash flow from MF properties with debt?

If you're looking for cash flow you can easily make $300/mo net on a single family property in a better neighborhood/condition.

I use that cash to scale up and buy more cash flowing houses with zero $ out of pocket.