1. you're right in the new ones from developers don't produce any cashflow. you might want to look at the secondary market to get better yields as the properties are already built and can cashflow right away. also easier to see comparable rents in the same development. check bank repos, distressed sellers and the like. you might also want to get a parking slot for added income as they can be leased out separately. it's also quite difficult to sell without one should you decide down the road. developers usually have an in-house leasing team to handle property management which we use for some of our properties.  

from spending my last 10 weeks in miami looking at 500 land deals and making offers and doing underwriting on deals with construction values higher, the playing field above 10 million is so much easier and better and of more interest and separates all the newbies from sophisticated. at my level there is no reason to do small deals. the only multifamily I do under commercial at this point is a triplex we build over and over for out of state investors in Columbus Ohio which is just a unique little niche. tampa I'm not too familiar with zoning or rezoning but columbus is such an old city it has so many mutilfamily properties and rezoning is very easy to get the entitlements for ground up new construction.

What I'm currently doing is creating separate notes/mortgages with each person (in cascading positions).

If you rent to him and something goes wrong, you will lose the friend and you put yourself in a financial bind.I recommend you tell him you prefer keeping the friendship and business separated so you can remain friends.

The goal for DoorLoop is to reduce the number of apps you use so you won't need a separate bookkeeping software like Stessa or QuickBooks.

Often times even if its a single family home or a multi with separated utilities there are some utilities provided by local government.

@Linda Labbe Thanks and will connect with you separately. 

@Gerardo WaisbaumAt Spark Multifamily Group, we use money market accounts and are earning our investors high 4% interest rates.We have a separate MMA account for each property.Don’t co-mingle funds from different deals in the same account.Each property ( assuming single property syndication ) should have its own account.The interest earned belong to the property ie the LPs.

Also, I am leaning towards having separate LLCs for each one for better liability protection.

The wholesaler and seller represented this duplex as having two separate water meters and two separate gas meters.