It is something that an owner will tolerate when they move but I don't want to replace a couple of couches, deal with spray on a ton of vertical surfaces, etc.No cats. 

Back then water was so cheap that developers of multifamily buildings just included in the rents.Today is a different time and place so water is called "liquid gold".

Know the lenders requirements for the loan types you will need.For instance you may find you need to have liquid cash of 9 Months P&I and 100% of the loan amount as your personal net worth in order to avoid personal guarantees on the loan, and your retirement accounts may not count towards your liquidity.Know the requirements of the loan products for the apartments you want to buy.There are no books for that, that I know of--just lenders info.Because without that all else is just scholastic exercise.Good Luck!

Imagine acquiring 10 of those over 5 years.Atlanta is a higher end market, so expect deals out there to require every bit of 60k - 80k in liquidity between downpayment, holding costs, and closing costs. 

Those that have conservative debt, liquidity, and are strong operators - will capitalize. that is playing out in the MF syndication world big time right now.

The choice between maintaining liquidity versus reducing debt will largely depend on your priorities and future investment plans.As for subdividing or CPRing the property, there are several advantages.

But I assume the best syndications are the ones that aren't advertised and that you don't know about...I plan to stick to individual properties (high control, low liquidity) and REITs (low control, high liquidity). 

Given your strong net worth and experience, investors might be interested in a short-term investment with a clear exit strategy.Home Equity Line of Credit (HELOC): If you have significant equity in your personal residence or other properties, a HELOC can provide access to funds without selling any assets.Securities-Backed Line of Credit (SBLOC): If you have an investment portfolio, you could borrow against the value of your securities without liquidating them.Seller Financing: Negotiating with the seller to finance part of the purchase price can reduce the immediate cash requirement.

But for a RE journey you need liquidity. 

Borrowers need to have 9 Months' P&I worth of liquidity (cash / stocks / bonds / crypto / etc), and 100% net worth relative to the loan amount.