I'm an autodidact so learning is a thrill.

Depending on the rental market there raising the rents could be a gamble.

I think Texas is the state with the most opportunity with a growing demographic of singleprofessionals, empty nesters and couples that would be thrilled to not have a high rent by living in a small house sharing community space.

If you go into a deal with speculation of "appreciation" and that's your focus, then you are gambling IMHO.

I present this great news to the owners, who are thrilled to hear I have done with within a few weeks.

This gives you a better chance to have enough equity to refi five years out. 25 year amortization would likely leave you "upside down" in five years unless interest rates remain at historic lows (not likely - never gamble!).

I've been able to speak with apartment building owners, lenders, property managers and investors who were thrilled to educate me and help me with my paper.  

Im not suggesting anything about your intentions but it should be mentioned that lending is no longer comparable to gambling. 

You could always hope you'll see some appreciation, but from what I have read doing so is a gamble at best.

Upon further review, they decided to jump into each of them, and are thrilled with the results.On the other hand, if you borrow and partner, would you still be reaching your goals after splitting returns and more debt service?