High LTVs, short maturities, mezzanine debt, outside preferred equity, and multiple share classes (the recently popular A/B equity structure) all increase risk. 

Owning C class or below property is a whole lot of work and risk.

One of the "hottest" apartment building cities in the country which FLOODS supply and many young renters tend to go for class-A apartments and their amenities, which are seeing concessions in lease-up.

The north side of the Lake has a different environment.

Reno, NV has seen major investments in EVs and data centers along with the lithium loop with little increase in housing inventory in the MF or SF classes. 

Finding LPs in this RE environment is challenging and would be even more challenging for a sponsor who has not yet brought a syndication to a successful exit.  

According to this Gallup survey, real estate is the most trusted asset class no matter the household income level of respondents. 

I also know the assets pretty darn well that the OP has bought and I am a firm believer with that class of asset getting them paid off is really the only way to get to the point were they think they are going to live on rental income..

The owner lives a few hours away and is selling off most of her rentals but this one is too much for her to deal with any more being so far off and it being a lower class type community, she claimed the tenants are all loyal bill payers even through covid.

The appealing aspect here is the ongoing population growth and other economic factors. not just appreciation almost everything about columbus beats Cleveland. columbus has submarkets with similar cash flow like lancaster, newark, Marion, etc that are still considered part of the MSA I wouldn't touch CLE the average price per housing unit is too low unless you are in a Class A area.