You cannot combine disparate tenant populations into a single group and produce any meaningful information.

Hello @Kimberly Harten :It seems that you could make the down payment on the contract price of $120k ($18k), then once you close, re-fi at the ARV to extract your equity or get a loan on the excess equity.Bob

Considering the list of advantages, you can see that the sponsor you choose weighs heavily on how meaningful these advantages are. 

I'm not  a believer that one can "have it all" and achieve meaningful goals.  

Hydro power generates more energy than is input into the power plant because the sun moves the water from the oceans uphill by way of rain.Petroleum produces more energy than is consumed in extracting, refining an transporting it because biological organisms captured the suns energy in the form of converting simple molecules into more complex ones.There are fundamentally only two sources of energy available to us with out current knowledge of physics - solar and radioactive decay.

The keeping of our liberties is a power grab which will not allow us to experience the blessings of having given up some liberties temporarily for the purpose of extracting those who would attack us directly.It is the same as a government taking control of a business or two or three and being able to control what its employees do ad do not do.

So to build any "meaningful" passive income, you'll need 10, 20 or 30+ units (depending on how much income you want).I realized this a while ago when I first started buying rental properties and set a goal to build a portfolio of 50 units by the time I'm 40.

But if you're that ultra-successful investor you probably won't want 10 newbie students because you that maybe just 1 of them will do something meaningful and tangible.

“Shortages of vacant developed lots and regulatory hurdles in Austin make it difficult for meaningful housing development activity to occur within Austin’s city limits.”This is a major issue to be addressed in CodeNEXT, the first major overhaul of Austin's land development code in 30 years:“Next to CodeNEXT, the City’s selection of a new city manager will have the single-greatest impact on the direction of our region’s future and the sustainability of Austin's housing market, so it’s critical that local community stakeholders and business leaders have the opportunity to weigh in on this important decision,” concluded Guthrie.

So, as long as you know what you are looking at I think they are both meaningful.