What are the downsides?

The biggest downside right now is that rates are very high.

Other downsides to going this route: the process to get the unit approved can be long and tedious; the apartment has to pass section 8 inspection - they are thorough, and go by the book.

The downside to that is 2 units would be 1 bedroom, so I need to contemplate and research more how those would sell. 

However, the down side is that it is on leased land (lease ends in 2057).

The downside of waiting is that you don't have that extra cash-flow up-front.

Leverage is a tool I aim to use to get there, but always while being mindful to cover the downside.

If no, as we've been seeing with sector rotation in and out of stocks like FANG and semiconductors, as well as a divergence btwn corporate and govt bonds, confidence is cracking and downside risk becomes much higher. 

Lower price (maybe...I see plenty of overpriced off market deals).Cons:Chain of title and closing process can be (not always) shady, with multiple contracts, assignments, and/or changes of ownership.Less room for negotiation (most are cash only, no due diligence, take it or leave it, close next week).More downside financial risk - with no inspections or due diligence, you better know what exactly what you're getting into, and/or be able to weather the inevitable surprises.Less recourse - in many cases, you're dealing with unlicensed individuals who have no regulatory authority policing them or enforcing rules that protect the consumer.MLSPros:More info available up front.Clearer chain of title and cleaner closing process.Everything is negotiable (price, closing date, due diligence period, financing options, etc).Less downside risk with availability of inspections and process for resolving inspection deficiencies.More recourse - agents are licensed and should be following legal and ethical guidelines.Cons:More competition (if buying) - The MLS is arguably the single best way to market a property for sale, and ensure the maximum number of eyeballs can find it if they are looking.

The downside is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.