Disclaimer: I can only skim the surface of various highly complex rules I mention below.

I can justify any price (and some high fee syndicators are still doing so), if I just play with assumptions, prepay and buy down my interest rate, and hope that sub-5% cap rates will be returning in the next few years.But if you know your market and market cycle, have an idea where interest rates may be going (this is an educated guess for all of us), and then have your assumptions, you can certainly have the conversations you reference with brokers and see what their take is on pricing and if it is worth writing.Finally, I have said this before and will continue to say it, whether we are talking single family homes or 400 unit apartment complexes, off-market purchases do not make something a deal.  

The two earliest popular and successful “gurus” were Jimmy Napier, whose speciality was investing in notes, mobile homes, and real estate “exchanging”, and John Beck, whose speciality was tax auctions, and complex series of exchanges in which John used near worthless lots acquired for pennies at tax auctions at full tax assessed value for exchange purposes, usually as a downpayment, or as collateral for a private note.

The more complex you want it, the more time it will take. 

U can have apartment complex's that are 100% subsidized and those are free market properties NOT low income govie bond issue type deals like we see here.I don't know enough otherwise, so I agree. 

I moved into a somewhat decent sized apartment complex for six months between houses. 

What are the challenges with this and does this make managing the property vastly more complex?

What if you have an apartment complex with 20 units?

Your experience with the DSCR loan process sounds frustrating, but it's not entirely uncommon for borrowers to encounter last-minute changes, especially in complex transactions like cash-out refinances. 

s excellent answers to your question a read—they do a great job presenting the complexities of the new construction vs. existing property dilemma you posed.