Biggest hurdle right now is finding a reasonable cleaner.

If your cleaners do the laundry at the property, get the biggest one you can.Our cleaners do this at one property.

Then he admitted his biggest mistake was not holding properties, so I asked why.

If you have two full baths it will appeal more to this group.The downside in Phoenix to a MTR is I am not sure you would get summer occupancy if you aren't the top location.

Hello  @Thomas Sheehan,If your goal is to invest in an apartment where you don't have to concern yourself with maintenance and cap Ex, this deal (or perhaps another with similar rents and lower price) could make sense.The downside to deals like this is that your rents could eventually hit a ceiling as newer apartments (some with more amenities) become available.

As for short-term financing, they are fairly easy to work with but the biggest hurdle is their internal credit model.

@Jonah Gunalda sponsor selection is critical—if you are investing with first-class sponsors you’ll mitigate one of the biggest risks in the syndications space.Start with this book.  

if so what are the downsides?

This has been my biggest discovery, in life. 

Our biggest challenge is that we are not over 55+ and we would prefer to invest our money in the villages itself.