Will they have their own HVAC system or be able to control the temp?

@Mel Park you don’t get to limit the amount of your liability; you get to (attempt to) control where the liability is assigned.  

Pros-Low effort-Experienced managers-Strong returns-Usually low risk (preferred returns of 8-12%, often diversified)Cons-Fees can reduce potential upside (can be 15-20% of returns above 8-12%)-Illiquid (you are committed to a certain hold period)-Little or no control

I gave too much control up without having worked with this guy before, and several aspects of the construction work went off course, including the kitchen design and color pallette.

When running 1 boiler for 4 units, it’s hard to control the heat distribution, some tenants are cold some tenants are hot, you’ll save your self a headache.

The prices are whatever but the competitiveness is out of control...

For example, but not limited to, I was very interested in a recent webinar about multi-family property but "due to circumstances beyond my control" I was unable to attend, nor to view the content before it was not available. 

. - i.e. digital door locks, wifi controlled thermostats, ring camera on the exterior entrance.  

For strict rent control cities like Richmond CA, what’s the cap rate an investor should look for?

Always shoot for that win/win scenario but at the end of the day if you don't own the property (Or should I say control the property) you are giving up a very valuable aspect of real estate.