I am pulling the trigger on a much larger complex, though, and the depreciation expense is substantial.

Huh.A lot of apartment complexes here give referral fees to their residents.

We did this at an apartment complex we bought on 7 W/D's.

Here are the details2bed / 2bath 1000 sqft Purchase Price: 98K, Seller paying 2K towards closing costsHOA: $175Vacancy: 1/12 (8.33%)Taxes: $400/yearInsurance: $450/yearDebt Service: $390 (25% down)Maintenance / CapEx: 5% of Rent: $495/YearAll Expenses: $675Comparable rents in the area: $900 (same complex), with some upgrades could get to 950-1000. 

It is also located in another state, albeit fairly close to home, so that would add a bit more complexity I would believe. 

I personally have run the numbers on around 15 apartment complexes in the Phoenix metro area and I'm looking for someone to bounce numbers off of as a sanity check.

Back home in Dhaka, Bangladesh, we're able to purchase a plot of land, and have a builders company construct a 6 to 10 story apartment complex and they will take 50% of the units in most cases.

Complex projects will likely require a different approach.  

Ideally I'd like to increase my cash flow to replace my six figure job income.Would you buy an apartment complex with a loan?

.,  when you research the HOA for a potential condo investment, do you just contact them by phone, tell them you're considering buying a unit in their complex, and ask them 1) to confirm what their monthly fee is 2) if rentals are allowed 3) to email you their condo docs 4) what their reserves are, and 5) if any assessments are coming up?