Many real estate agents dabble in property management without fully understanding the complexities involved, making it risky to work with them.

Quote from @Angus Brooks: Hey All-  I own a small apartment complex in a two entity LLC and am wondering what the tax implications are for a cash out refinance. 

I am currently selling a 16-unit apartment complex, the first one to sell since 1998 when this buyer bought this one!

@Ashly FrassoRenting by the room can be a profitable but complex model.

I manage a few smaller complexes and they are all on individual price schemes though they are usually within a few dollars of each other. 

Anyone can buy a stable senior income fund like FLBL with the click of a mouse and no liquidity or complexity issues. 

You can take out a lot of complexity when you buy property that only needs maye paint & carpet.

The interworkings of Appfolio are pretty interesting with how complex it is and all the things you can accomplish. 

Cody's link appears to be the Carissas and Colorado apartment complex land that D32 Builders is trying to sale.

I'd be surprised if the complex doesn't have individually metered units so you may be able to eliminate the utility expenses unless those are for common areas like walk ways, parking lot or laundry.