Being new I would suggest started with existing builds but building small multifamily in a small town with a rental shortage could be a smart move (someone's gotta do it).

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

Our experience is that many lenders/servicer customer representatives may not know the protections that exist for those that want to put asset protection steps in place. 

Totally understandable that you may have time to commit to it, as it is extremely hands own.

Could you sell 1-10 of your existing properties and reinvest in one or two more lucrative opportunities?

Don't get me wrong, these types exist, but they don't last LOL. 

., if this was a 506(c) offering, and the sponsor did not make "reasonable efforts" to confirm all investors are accredited, than that is a direct violation of rule 506(c) from the SEC.If this was a 506(b) offering, there needs to be an existing relationship with all investors before any investment opportunities are shared.  

Having watched many prior co-workers get paid, cash their check at the casino, and promptly deposit it all into a slot machine I can tell you with pretty good certainty that casinos don't have a positive effect on disposable income and good use of the existing income in the area surrounding :)Are there solid local employers OTHER than the casino in a 15-minute drive? 

Current PM behind one month payments to owner and already collected from tenants.How to get Security Deposits of the existing tenants from current PM and how to transfer to new PM company.

The key is understanding your risk tolerance, time commitment, and financial goals to find the right balance.