Some smaller TIC's of just a few people can work.DST's are heavily laden with fees to the investor but have their place with poor 1031 investor planners or someone with a tiny amount to invest say 100k to 300k.

I would recommend finding a financial planner whom works with the fiduciary standard for help with investing.

A planning consultant is just as good: http://www.planningpeeps.com/firms-and-freelancers.htmlKyle: Good to know variances can be done by City planners. 

Check with the city planners because if it is allowed, it may have restrictions, such as a requirement for an owner occupied main residence.

Two years later, my financial planner told me to sell it b/c it was 80K upside down.

As a financial planner, I've got to weigh this same question into advice I give clients.

Which brings me to today's post.We currently have a financial planner. 

You need to talk to an accountant/estate planner first. 

Hopefully, city planners respond accordingly and re-think their approach to parking requirements for new development as I believe that's an answer to the wrong problem.

Your specific question needs to be answered by the city planners office of the city in which the property is located.What you are asking to do can be extremely difficult to accomplish,especially for a brand new investor with no experience.The neighborhood would have to be zoned legal for multi family properties to exist in that zone,many neighborhoods aren't.Here's a clue,if you don't see any multi unit properties within a couple of blocks of your desired location,the answer is probably "no".You might be able to build a duplex or triplex but probably not an entire apartment complex.You really should find some experienced partners who have done this before and can lead you to a profitable and legal deal.