It will have payroll, taxes etc.

If you're dealing with a non-sophisticated seller, who only has dealt with with only SFR and small MFRs, they could be quite surprised that you hit them over the head with a custom contract.

@Alexandra FisherIf you are an accredited or sophisticated investor I recommend spending time underwriting operators/syndicators in the Midwest and South East and invest in multiple projects to build a diversified portfolio of multifamily investments.

My question is do I have to pay payroll taxes if I am the only employee?

I don't have information yet, I will monitor this post and also update what I find out about the job, but it's most likely an apartment complex, this is a small college town.I was also wondering if this is a position that would put me on the owners payroll and so I wouldn't need to start my own property management business?

I believe I will likely have to use a B lender as I have worked alot of cash jobs in the past and only began keeping consistent payroll since Jan 2022.I also have a potential prospect of a private money lender that can help with the down payment and I will return monthly payments with interest.

While the fee isn't small, it's not much when considered in the overall cost of an apartment complex or getting tangled up with the SEC.To answer one of your questions though: If you are doing a 506(b) offering and not soliciting, you can take "sophisticated" investors. 

In the past the  sophisticated investors from Hong Kong were the dominant buyers in the Japanese real estate market.

@Michael Yan, you can make money through real estate in 4 waysCash FlowAppreciation (rent increase in the case of 5+ unit properties, as well as forced appreciation)DepreciationMortgage PaydownA more sophisticated tool for determining a property's investment potential is Internal Rate of Return (IRR), which takes into account the above, your timeline, and compares to other investment vehicles.

It is boring and not sexy but still a more sophisticated investment than a couple midwest rentals could be normally.