Look for property management companies that have a track record of repositioning apartment complexes successfully.  

I am definitely not looking into complex legal things like starting a fund.

I would love to hear everyones opinion on buying a SFH rental near several apartment complexes (around 1-4 miles).  

Apt complexes run rent specials,, no application fee's, free months rent.. so watch ad's outside banners and websites are easy everything is so well done now days,, complete video tours.. 

But there are high end apartment complexes within a few blocks in 2 directions, which have higher rents than this property.

I don't know how large your condo complex is, but for condos of 50 or more units, it would be a challenge to get every owner to get to it, and properly clean the vents if it was discovered  vents were never cleaned and it could be a safety hazard.I also had special assessments for new roofs, other building wide improvements at my rental condos. 

The complex and area wasn't the best, but I would be 7 miles from Manhattan Beach and share the same weather with those $3 million houses. 

I have a 5+ complex under contract. 

If we were to actually gut and remodel, we'd probably end up breaking even.I think this would work well in a higher end complex (walk to lifts, nicer amenities, etc.), where it is naturally attracting a crowd looking for luxury.

Why not spend $2.5MM on an apartment complex?