If I understand it correctly, you raise all the money needed to acquire the property in terms of the down payment, due diligence costs and closing fees, as well as (at least a portion) of the rehab budget, from limited partners and then make sure the numbers work to pay them back a handsome return over 3-5 years or so. 

New to REI, have one small vacation rental condo in SoCal--may rinse and repeat as this approach has been positive in terms of my education in cosmetic rehab, prop mgmt and cash flow.

What I'm trying to figure out, is if I do a JV with a handful of friends and family, I want us to get the most bang for our buck in terms of unit size (taking into account market factors like job growth, population growth etc.) but you're saying there isn't a very systematic way to figure that out? 

Hey @Dillon Cook - there are a lot of factors to consider before scheduling the open houses in terms of pricing and how long the property has already been on the market too.

That was really helpful in terms of understanding the risk profiles.However, my case seems a bit different than posts I've found - initial real estate investor, not doing a 1031 exchange. 

The country is not that exploited in terms of real estate yet.

I don't have a direct contribution but more of a question....in terms of finding a niche, what factors should one consider to determine if they're going after a worthwhile niche?

Does anyone have an opinion in terms of whether or not I'm getting enough coverage or if I'm missing anything that I should be getting.

While I'm waiting, making money  with wholesaling seems like the logical thing to do in terms of experience and time being not being wasted. 

I'd suggest you pass on both, Will.Class-D properties can be difficult in terms of occupancy and collections.