Also I agree with another post before regarding the complexity of structuring a deal like this, which would also turn me off especially if I was just getting started.

.- I live in Raleigh, 10-50 unit complexes will be hard to come by unless you're okay paying a premium.

@Cari Sweet 100% agree!

If you can find a place where the HOA or COA is flexible and you are able to convince the membership to go into development and perhaps convert the property into a co-op you could build a new apartment complex with commercial rental spaces on the ground floor and residential spaces on the top. 

We remodel the single family and then build onto it or a small complex. 

From SFH BRRRR, flip, or complex syndication apartment deal they all require effort.

There are some rare and complex circumstances where I see this would be beneficial.

Condo's are usually on the cheaper end of cost for appraisal reports, typically not $750 (but if it's a high end condo or in an area with there's some complexity, the fee can reflect that). 

Or maybe you finally want to purchase a multi-family complex / self-storage facility / car wash, etc.

Looks like the first deal I’m analyzing is a bit complex on the tier structure, so I’ll have to carefully review the cap stack and waterfall.