@Collin Schwartz so assuming an average $40k per door, that 1st 25 doors was ~$800k, you must have raised somewhere in the area of $200k cash of your own? 

If these 2 estimates are REALLY far apart, you can also identify items you have a low certainty about and do more research to raise that certainty and narrow those estimates.

You can always raise it again in 12 months on their next lease. 

Biggest thing IMO is getting close to the train station and have a high quality units that may not look attractive on paper the first few years but will have the ability to raise rents consistently long term. 

I also raised rents this summer. 

Temple now attracts students from more affluent backgrounds in the Philadelphia suburbs (kudo's to the school for raising it's academic reputation).

That being said, I'm part of an experienced Syndication Group who invests not only in Multifamily, but also different asset classes:  Self Storage, Mobile Home Park, RV Park, and Retail - all to diversify the investment offerings.Reach out, and the next time we have an LP capital raise, I will send you the OM (and obviously info on our company) to review.

.  :( Dang, I see your Enron and raise you a Radio Shack.

Even if you can raise $10mm, but have a small net worth and liquid cash, you won't qualify with the best deal. 

You probably have a great low rate mortgage, and might not want to raise the interest rate.