I recently sold one I had on Seabrook Island because the club/regime/HOA were frequently changing the rules and making it harder to operate smoothly.

If you're looking for cash flow (like the 1% rule) and amazing appreciation potential, I do recommend a market like Columbus Ohio. 

The modeling of this is actually pretty easy (see link: 42-unit proforma sample), but my model treats the pre-refi loan as I/O, but that can be updated based on your deal.

Because for a certain type renter it’s just SO easy to continue renting fully furnished rather than having to spend $20-40k on furniture; come up with a down payment on a house purchase; and or worry about repairs and maintenance.  

I think it is easy to become overly reliable on these tools and just let it run.

They seem to either go one way or another, NO investors with strict HOA rules, or full force on investors. 

Check out the federal rules as there is currently a ban in place for most foreigners to buy in Canada. 

So focus on lead generation.Once you have that covered, then yes you do need to have a bit of insight on the workings of the transaction.But all this should be easy to figure out the moment you keep commonsense in play.Start with getting in touch with a wholesaler-friendly attorney for your closings (if you are in an attorney state), and build a relationship with him (that is also what I did)..He should guide you along the way as you go.

Minimal changes to effect common entrances, no major shifts in load bearing, easy plumbing changes for wherever the new kitchen would be... it's a lot of boxes to check. 

One problem may not be feasible to fix, and the other is easy to fix.Does the apartment complex have a unique feature that makes it more desirable?