Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

Even with buying down the rate, I would not expect to get better than low 6's in the best of scenarios.

You might be able to find a lower price point per unit than I’m at but it’s a LOT MORE WORK to have low quality properties as opposed to nicer ones.

Rents are generally low there as well, but definitely stable.

Our builder is Bill Lowe, who we really like so far.

Really interested in investing in this market and would accept a relatively low return (or even a break even scenario because i believe in continued appreciation potential here). 

If I was the buyer's broker, I would have checked myself to protect my client.If they had, then they would have found out it was not a three family.Its a valid point.In NM, our zoning / city doesn't post # of units publicly, only high density residential or low density. 

(long as loan is paid) By the way, I had this house 2 years at the time and the loan was low interest for that time. 

And maybe diversify a little, invest half in a low cost S&P500 fund like VOO and the split the rest across 2 or 3 syndications.

However, i want to address placing a tenant.My market has a low vacancy rate.