Depending on your down payment (which it seems like you have a good amount of liquid for that) they can nicely cash flow.Ultimately, success in real estate investing comes down to choosing a growing market, investing in a good neighborhood, and building a strong team to support you.

I am in the same boat of either 1031 exchange or refi some of my small multi's to purchase a larger complex.

I understand it can be harder to gain experience with larger multifamily properties compared to single-family homes or duplexes, where someone might complete 5 deals in 1-2 years.

However, some investors don't mind this strategy if they prefer not to put a lot of liquid in up front and plan to refi out within a few years of closing (which seems to be a great option with the talks of the FED reducing interest rates this year).It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.

We had a plan to build a large real estate portfolio and then sell it in five years and divide the money.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.

In terms of development and flipping my friend does a lot of this and does good in the million dollar range but he uses OPM for these larger projects.

Feel free to inquire about their staff qualifications if it's a larger organization.2.

He can't 'buy her out' as he does not have that much cash liquid.

A good condo board should be saving money for larger projects as they are known in advance (eg every 25 years you need a new roof).