Of course, you can always contact a prospective fund operator directly and ask them your own set of DD questions (ask for their track record, properties that the fund has acquired thus far, performance of the fund, past funds that have closed to investors and how they have performed, etc).  

If you buy in a prime location with desirable amenities, you’re setting yourself up for steady income and long-term growth.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

If you go this route you better find a way to set yourself apart.

However, a lot of concerns can be mitigated with looking at their past rental behavior in a lot of different settings.

I would only add these two: FIRST - people constantly ask which algorithm to use to get their prices set.

Set those goals.

I am similar to @Benjamin Jones just getting started and looking how to set things up? 

To avoid that, set a firm, realistic budget from the beginning and make sure you stick to it.

For consulting with a CPA.As mentioned above you can simply take monthly distributions, but what is most important is how you are set up.