Would I have bought as many rentals as I did in the last 10 years with 7% interest rates, probably not; but as with most things timing is everything.Everyone's comfort level will be different.

Feel like I am waiting for the next shoe to drop with this person.

We are wondering what advice we can learn from experienced investors, agents, lenders, etc. here on the BP network and to know if we are even in a position where we can comfortably get started. 

Walk through every step and make sure they are comfortable By following these steps it may take a year or 2 to become expert in your market for you to start investing  

If you aren't doing this with an LLC or other company, then the money is "still all yours" - you can freely do as you please with those funds (once the rents accrue enough for you to have a comfort level).I would suggest you contact a good accountant (CPA) knowledgeable in real estate matters to assist you with starting up your accounting system for this rental.

Thank you,I'm new to this type of investing (more familiar with buying businesses) so I'm cobbling together information from brokers, chatGPT and everything in between to figure out what I need to (at reasonable cost while controlling risk profile) complete an acquisition.Facility is in rural Kansas, and is composed of a portfolio of 4 buildings on 3 parcels. 195 unit count - ~10 years old on average, some are newer (2 years) others older (15+ years)I'm trying to learn what I should watch out for in the process and what studies will be needed to get a good level of comfort before acquiring the facilities

It just depends on what you're comfortable allowing.

Quote from @J Shoe: I am looking to purchase a 10 unit apartment. 

Challenge: 1 tenant makes enough $ to comfortably afford the rent on their own.

Are you comfortable investing out of state?