You have succeeded in insulting a lot of very intelligent, well heeled and sophisticated folks in so doing. 

For RI you could read the RI Landlord Tenant Handbook, and again I'm not familiar with CT myself but it is worth researching.And depending on your needs/sophistication it may also be worth researching some more esoteric things such as the remedies available to creditors, lead paint and other hazard laws, licensing requirements for agents and property managers, registration requirements for out-of-state owners, etc.It's also worth researching not just the property tax burden today, but the fiscal health of any municipalities you're thinking of buying property in - because that can be an indication of future tax hikes coming down the road.

It's possible for the investment sponsor to divert the tax benefits (by structuring the offering documents to specify that the sponsor or someone else receives them instead of the investor) so it's important to carefully read the partnership documents, and have your tax advisor review them as well.While sponsors can divert the tax benefits, I think it's bad business and it makes it harder for them to raise capital, particularly from sophisticated accredited investors who know better and are watching for these tricks. 

More expensive properties eliminate people that don't have access to funding/FHA buyers, so the competition is likely less numerous, though likely more sophisticated in general. 

I am reaping the rewards of looking through the Windshield while I have seen lots of other Investment Vehicles which crashed during the financial crisis.The theme here is to understand as much of the more sophisticated calculations and how to apply it to your potential investments.

Tyson... you need to get a reality check.. no bank is going to do a loan without A PG.. unless its a multi million dollar loan to a very sophisticated investor.. all of us ( myself included) have to PG.. simple as that. if you don't qualify or are not willing then your wasting your time..

But someone here suggested we're not that far away from computers being able to write sophisticated applications . . .

A sophisticated investor will determine market value first.  

We have decided on the above mailers based on research indicating that multi-family / apartment owners in Los Angeles, CA tend to be more sophisticated and respond better to more professional mailers.

I would keep it simple and get a couple under my belt before getting all sophisticated and making things hard on yourself.