You'd want either an LLC in the state where the real estate is located or you can also just put it in your name and take out a good landlord's policy from Farmers, Erie, etc. which will protect your investment just fine. 

Additionally, there typically are additional state protections (outside of the agreement) based on where the fund is located.

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

Regarding a book, I learned a lot from Location, location, location by Ozzie Jurock and he has quite a bit of free content on YouTube and his website.

If it's in a good location anticipated to go up in value, it could be worth it

What location?

Conveniently located just minutes from the interstate, this home offers an easy commute to Bangor and Newport, while Etna Pond and its public boat launch are just a short drive away.

Your location, your list, your approach, market conditions, time of year etc.The only thing I can tell you with 100% certainty is you'll need to SMS a lot more people than you will need to cold call.

With $1mm cash we can do 3 locations netting $40,000 before income tax per month.  

Do you remember the name and location of the senior complex you toured?