What have you gathered so far from observing? 

Carl,I'll add one more observation, assuming you are interested in passive investing, crowd funding is one way to do it but don't overlook syndication and direct relationship you can get w/a deal sponsor and the learning that can provide you to be a better investor going forward.  

Sometimes you just have to do things to make tenants happier. keep in mind that the leaving tenant is not expecting to be rewarded for reporting issues, they expect to be charged for them so it is on you to be observant.

Observation windows overlook each floor so mothers can study or eat or talk while they watch the kids in the center.

Again, I am not well connected with the RE community, but my observation is that there is a lot of information out there that suggests that you must take on a lot of risk to be successful.

I think the observations you've gathered in your research are valid.

I have no experience with doing subject too but maybe I can be helpful with this observation.

Keith observation is of course realistic but focus and passion can overcome everything.

He proposes we would split the profits 50/50.My first observation was in the project he submitted to me that there was a repair budget, but no consideration for the settlement costs x2, holding costs, financing costs, etc.

I'll more than likely be staying away from those areas for now, so your hands on experience and observations are very helpful, so thank you again!