@Martin Manning To add onto what others have shared, in the most simplistic terms, apartment complex values are based on Net Operating Income, or NOI, and the cap rate.Price = NOI / Cap RateSo, if an apartment complex has an NOI of $100,000 and a market cap rate of 10%, the value is $1,000,000.Listing agents for complexes love to price based on a pro-forma, which is utter nonsense (unless you're in Austin, in which case apartment complexes apparently have floors made of gold).

Balance Sheet can show how much was a building was purchases for, how much principal loan is still outstanding, how much is in escrow and how much is in tenant security liability, Construction typically in the long-term development are put in the balance sheet and not P&L.Most investors are doing multiple type of real estate, not just rental.

We did our own with decent success.

I would send them notice today that explains what will happen after the current one-year term ends.

Leverage your construction skills for flips, start with smaller projects to minimize risk, and consider house hacking or long-term rentals for a steady income.

I wouldn’t want to hold the loan for too long, so ideally it would be a 5 year term, presumably ballon payment at the end.

What about refinancing  costs or what ever costs that occurs at the end of the loan term?

I'd underwrite the property, with that low interest rate assumable mortgage, to cash flow positively from day 1 as a long-term rental, but be willing and able to use the rent by the room strategy or to rent out part of the property as a Short Term Rental to dramatically increase cash flow during my occupancy. 

For the person that can tolerate the variability of returns, the IUL is probably the better choice with the best long-term prospects for growth.

TurnKey, Buy-and-holds, flips, or maybe long-term rentals?