As a result, payroll per door varies significantly throughout the country.

And as @Tracy Streich has stated, forming a real estate company can have significant unexpected costs that can include insurance for the business, payroll taxes if there are employees, attorneys fees for forming a partnership agreement, accounting fees, and so on.Perhaps an alternative may be to pool your properties and shop for a good property management company who will take care of all of you.

Looking for sophisticated private lenders in Houston tx area?

ELS has reported quarter-over-quarter growth for 20 consecutive years, including throughout the Great Recession.Blackstone is one of the largest, most sophisticated real estate and private equity investors in the nation.

However I'd ask you what your goal is with your investments without knowing how sophisticated of an investor you are.

I think the best sign of what landlords will do is this: https://www.6sqft.com/blackstone-halts-improvement-work-on-stuy-town-apartments-following-rent-law-changes/One of the biggest, most sophisticated operators halted all work, costing immediate jobs and capital flowing into the economy, directly in response to the law. 

My suspicion is that the landlord isn't so sophisticated that they are factoring in what they believe might happen to the market, but I've been wrong before.   

A good contractor is worth their weight especially if sophisticated or expensive tools are involved.

@Mike McKinzieThe legal aspect of raising money from sophisticated investors does make this a bit more challenging.

Large multifamily and/or sophisticated investors price based on their required returns.