Most have their own company's now and stay a part of the community to leverage each other.  

@Edreco AmosMiami’s market can be tricky for cash flow since condo fees and insurance costs can eat into your profits, especially with newer buildings or those near the water.

In TX. 3 months from the time I purchase the land until they (I build small apartment buildings) are ready to be rented. 3 months soup to nuts.. is astonishing wow. !!!  

In our student houses we use a programmable thermostat, but our building monitoring system has its own sensors and can override the wall thermostat and will not allow the temperature to get below 10C (50F) ... we are presently testing a new software load that will also prevent them from cooling the house too far in the summer.

Usually the numbers don't work to build in these neighborhoods, unless government tax credits, etc.Do you see the problem with your two statements:"The turnover costs could/will be high"and"How much more damage could they do?"

Class A- Brand New buildings with lots of amenities, good infrastructure & locationClass B- Building are usually older; priced less than Class A & need some updates/restorationClass C- Oldest buildings (20+ years); need significant maintenance; less attractive locationsWhere things become subjective is an older building located in a neighborhood that's changing for the better. 

You have to have confidence and the Sponsor needs to build a relationship with you if he wants to be sure you have some insights into the risks of the types of deals you would be funding. 

I'm just beginning but am considering a bigger commitment in the next five years or so by accessing some or even all retirement funds to buy a building (I'm sure people have thoughts on whether or not that is a good idea!).

I do want liquidity to invest elsewhere which is why I'd like the cash back from the reno ASAP, but I don't need liquidity equal to the value of the house--just the basement build-out, if possible.With option #3--how do you "cash out immediately"?

You were a part of helping making a dream a reality for them.