In terms of buy & hold, I’m in the belief (at least for BR) that as long as you buy right, it doesn’t matter where we are in the “market cycle.”

So my belief is somewhere at ~20 units working it as a part-time responsibility starts to have impacts on life style. 

In real estate at least you have some control.My belief is real estate will nationally echo the health of the US economy and local demand will be driven by many factors. 

Market is the most reliable and income is based on what is expected in your area based on that cap rate.Don't be misguided by pure BS in your analysis.

I don't know what phase of development this project is in, but another indicator of institutional belief in this market... see the link below from @ColumbusBusinessFirsthttps://www.bizjournals.com/co...

Here's some info :It has been leased by the dentist for the last 12+ yearsThe lease is month to monthThe dentist is paying $900/monthThe market rate on this building is ~$1800/monthProperty is listed for 175k but can be bought for 150kIf it were vacant it would be worth ~150kThe owner has had it listed for over 1 yearThe owner does not owe anything on the buildingAfter taxes/insurance I estimate the owner only nets $500/month at most (owner is responsible for repairs)Owner seems content with the current rent amount or selling and cashing outIt's my belief that the dentist does not try and sign a long term lease because the rent is so cheap.

What it mainly takes is the due diligence to read deep into what and why certain investors invest where they do, and seeing if you align with those particular belief systems.

Or if you're NOT on the same page it will give you a starting point to learn each others' ideas, fears, and beliefs about money and investment and figure out a way to make both of you comfortable.

It is my belief that you should start looking to understand those things first and then from there you will be on the ride to really starting to understand what and how it all comes together.  

There are many positives as mentioned above as well though, so it is my belief that the condo/townhome strategy may be sound if you seek out and weigh the pros and cons against those of other types of investments.