When my family member first presented his idea to a bunch of VCs, most weren't impressed, some said they'd be willing to invest after he finds a lead investor, but nobody dared to be the first to jump in and be the lead investor.

I was at a networking event over the summer and an attendee mentioned he Co-GP's apartment syndications and described his role as providing the escrow funds which I found to be comical.

Or maybe you're great at talking to people and could make cold calls for someone working off a leads list. 

The closing of this business is what lead me to “double down” on real estate. 

The interior will need to be repaired and repainted.I've done several 1900 - 1920's and while they usually have good bones, the electrical can be underpowered for today's needs, and the water lines can be corroded galvanized or even lead.

Not a ton of young professionals except in government roles (Carson City's largest employment option), or if they want a slower pace but are still willing to commute to Reno. 

The role of cf is to recover that cost.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

WARNING: if you do not prepare for this, you can enter a death spiral: deteriorating properties lead to lower rents, worse tenants, more wear and tear, even less cash flow to fund repairs and ultimately erode asset value.I do not mean to rain on your parade, hopefully, this is a helpful long term perspective. 

And yes, over leveraging a Subto and using "gator" lenders is not only bad practice, but it's going to lead to law suits.He is wrong on so many levels that I have posted extensively on it and it gets boring.