It is more complex and has added requirements such as a formal set of books just like a corporation. 

I was shocked to see what is going to be a nice high-rise complex about 50% complete in shambles.

Then I started to contact brokers that bought and sold Apartments complexes and proceeded to 1031 exchange all my Condos for Apartment complexes and told my story on BP Podcast 238 in 2017.  

Long-term leases are less operationally complex and face fewer regulatory risks - more stable and scalable option.

Condo's are usually on the cheaper end of cost for appraisal reports, typically not $750 (but if it's a high end condo or in an area with there's some complexity, the fee can reflect that). 

Also I agree with another post before regarding the complexity of structuring a deal like this, which would also turn me off especially if I was just getting started.

Many landlords, myself included, have faced the challenges of dealing with problematic tenants and the complexities of Massachusetts laws.In fact, we specialize in buying properties in Massachusetts and New Hampshire that come with ongoing evictions and difficult tenant situations.

Or a small complex.  

If you can find a place where the HOA or COA is flexible and you are able to convince the membership to go into development and perhaps convert the property into a co-op you could build a new apartment complex with commercial rental spaces on the ground floor and residential spaces on the top. 

They already cancelled many large complex deals or doubled their price for the past few years.