So your final decision might be the answer you make on those 2 properties and any decision might be decided on the debt question of good debt versus bad debt.If you have any benefits by purchasing  an apartment complex as a controlled ownership and by benefiting from a Tenants in Common joint venture association that will contribute to an apartment complex purchase and allow your keeping control of that property on a daily basis regardless of your ownership percentage.  

But as I've accumulated more experience and assets, my situation has just become too complex for one spreadsheet. 

Im a newbie and hope to own multi family apartment complexes.

Makes things more complex IMO. 

For what type of property (SFR, small multi, complex, commercial, etc) and what type of strategy (buy and hold, flip, etc)? 

Obviously, there are thousands of variables, permutations, and complexities, which are keeping me confused and reluctant to take any action at all. 

The demands are high in this area and I get calls daily for rentals in this complex.

Also just a caution that if one partner is putting in sweat equity/services for his interest, the accounting for it gets fairly complex.  

I am looking at a medium to large multifamily group of complexes in Baton Rouge.

I think we've come to that conclusion as well as there are more complexities with hiring an employee.