Do the math at a 6% loan rate.There's a reason many apartment buildings have been converted to condos and sold.

If the property has solid appreciation potential or you're building equity while learning the ropes, it could still be a good deal.

Hi David, If building long-term equity and scaling quickly are priorities, then option 2 aligns better for you. 

New-ish investor looking to build a rental portfolio in the Hartford, CT area. 

This can encourage positive word-of-mouth and build goodwill if they’re ever a reference for your property.Ultimately, focus on fairness and clear documentation.

Split into two buildings.  

And start the tedious process of building those relationships.Or you could skip all that and find a mentor that also has the community of likeminded people.It will take you less time but is likely going to require an up front investment.Btw have you done a deal yet or would this be your first?

The area’s limited number of apartment buildings means that many renters prefer single-family properties, creating steady demand for these homes.Having assisted numerous buyers in Little Rock, I’ve seen firsthand the opportunities this market offers.

For example, in my market, we see MF building permits way down for the last 2-3 years.

And will you have ongoing maintenance issues beyond your CapEx based on the building's age.I personally would be suspect of this deal.