I offered 9% above the list that too on loan so I had no chance.I did live in this building before five years ago, I might have to make some scarifice into moving into this REO as I rent in a nicer condo now.Pros are I can get it at list, get the whole deal financed, preserve cash for other deals.

Some states are trying to preserve affordability, so there may be a special set-aside for your project. 

Hiring out everything would be nice but I'm trying to preserve my cash.

This also preserves my cash to still find more opportunities. 

Just make sure you buy at a price that preserves some equity (discounted price), and in an area that is stable or up-and-coming.  

The universities will fight against this as a matter of self preservation. 

Our goal is to leverage our resources to acquire a 4-unit property while preserving as much cash as possible for renovations or for another investment opportunity. 

Be a top-level thinker and can also think of the details: The complexities surrounding apartment syndications vary from ensuring you get the best loan product to what cap you want at the exit of a deal Be willing and able to responsibly steward other peoples' capital: Undoubtedly, Capital Preservation should be the number 1 goal as a syndicator.

I am fairly open to the type of investment (multi family, mobile home parks, vacation rentals, self storage, investing in debt , syndications, hard money lending, etc) but seek stability of cash flows and capital preservation/lower risk (I’m more of a buy and hold type investor).  

^ what Jack said, and for the areas that you can get a live-in (Mark) where the numbers would work you want to be aware of certain expenses exclusive to that area (cap ex. for wood frame repairs, pest control, flood insurance, building leveling) on top of zoning things too (think historical areas, preservation societies)