Hey everyone, I'm looking at purchasing a 50 unit apartment complex in Montgomery.

The lots combined can be built into a 30+ condo/apartment complex + retail on the bottom with underground parking.. my thought was to get plans and sell with plans.

I have an opportunity to purchase 21 apartments scattered across multiple buildings ( 80 total in the complex).

@Maxton Johnson - that is a complex question with many answers. 

I'm looking at possibly my first purchase, it's from someone I know, and I know the complex is in good shape.

(hint: I think they are wrong)Finding an area that makes sense for an out of state or out of market person to own a rental inDealing with the complexity of financing for both hard money & otherwiseSetting up 3rd party property managementAnalysis of the dealMaking the offer on the MLSThe people considering buying turn-key or Roofstock homes will find this diary extremely valuable.

Maybe even take a drive to other apartment complex's and ask the manager or employee about it and see why they do or don't have one.

I suppose taking on a lighter rehab would be the way to go in order to get our feet wet and then tackle something more complex in the future?

@Kaynea Bingham, I don't deal with HOA's, for every condo that has a HOA there are 10 that don't, several apartment complexes realize that for the traveling person Airbnb keeps the rents paid on time so some apartment complexes have explicit addendums specifying not to short term rental, others look the other way, and some welcome it. 

I found out that my rents were way below market, I had to contact them to raise the rents from $1000 to $1200 a floor.I think I' small fish, they manage condo complexes and I'm a small dude with 1 triplex.