This is after factoring in all expenses, including taxes, insurance, vacancy, management fees, maintenance, and utilities (gas, electric, water, sewer, and garbage).Regarding cap rates, I typically target between 15-18% as a minimum for a deal to make sense.

The "high appreciation rates" you mention should be verified with recent data and be specific to the neighborhoods you're targeting.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

$120,000/0.06 equals $2,000,000.So in my mind the target should NOT be cash flow but rather building net worth.Despite what the gurus say, sufficient cash flow to be financially free can only come once one has sufficient capital to invest.Let’s be clear I only buy apartment propeties that cash flow but immediate cash flow to put spendable dollars in my pocket is NOT the primary goal.

Targeting that small an audience will not be easy.  

Focus on one or two target markets, get familiar with the numbers, and use tools like BP calculators to analyze potential properties.Whether you start now or after graduation depends on your bandwidth, just have the right systems and support in place first.

I believe the best way to go about this would be to use your other metrics to find an STR target market that you believe you would like to work in first.

Areas like Aurora, Arvada, and parts of Lakewood or Westminster can be good places to look, depending on your budget and target tenant.If you’re looking for a base hit rather than a home run, focus on finding a property where the numbers work reasonably well as-is—cash flow might not be huge initially, but if you’ve got room to add value and refinance, you’ll build equity to reinvest.

Fund IV has a targeted raise of $150M.

We rightly point out that an investment not meeting target returns does not necessarily indicate fraud; that any investment outside of US treasury bills is a RISK and a percentage of investments don't and won't work out as anticipated; and that leveraged real property investments are higher on the risk scale than a lot of other investments. 2.