And maybe more to the point - how liquid is it?   

I was thinking of liquidating one of my properties to acquire a small/medium (16-50 Unit) apartment complex.

for the wainscoating you could use the sheets from home depot that come in 4'x8' sheets I think they are 1/8" or 3/16 thick and pretty cheap, maybe 20 bucks a sheet. cap it on the top like traditional wainscoating. for backsplash use either tile or or linoleum. the wainscoating can be put right on top with some liquid nails and finish nails and the tile could be put right on top.

Essentially, what do you want (min. thresholds), how much risk you are willing to take, budget, investment time frame, time commitment and liquidity constraints.

And this way you dont have to use your liquid reserves. 

Too much liquidity in the market.

If this first deal is tying up all your liquid capital, the two options you have are:1) Build a professional network and offer deals you find and your hard work for other peoples money. 

I guess I was thinking that perhaps they were being pressured to liquidate the estate and that a fast cash offer would be appealing rather than drag out and wait for five houses to be sold separately.  

to me personally only way it makes sense is to go large.to buy 1 or 2 of these your playing Russian roulette  if its all if not most of your liquidity then i don't think personally the risk is worth it..

Public markets offer liquidity, but that comes at the expense of volatility and private investments offer investors low volatility, but with that comes illiquidity.The chart below illustrates how private real estate has minimal correlation to stocks, bonds and even public REITs, as measured by the National Council of Real Estate Investment Fiduciaries (NCREIF) property index (NPI), which looks at the returns of private institutional grade commercial properties.