So some means and methods that I will describe below might seem a bit odd or different and that is because we took the A&D approach to this project, even if there might have been simpler ways, because we wanted to expose ourselves to as much as possible, in as controlled of an environment as possible, so that we could minimize risk while maximizing as broad an experience as possible.

Go in with a game plan so you aren't overwhelmed by the environment.

So I'd be pulling equity at 9% and only get paid 5% if I used the HELOC and kept the cash in my high yield account.I recognize there are other ways I could invest this cash (including another property) but I am being mindful of levering myself out too much in the current environment where job losses are more common in my industry (tech).

Compare that to trying to sell an entry level $400,000 home in the suburbs, you're going to have a dozen homes just like yours for sale.Believe it or not, the only residential developers and flippers I know who are doing really well in this high interest rate environment are the ones doing luxury deals.

More than just the financials, I see the importance of providing a safe environment for tenants. 

Property taxes are nearly three times the rate in Phoenix and the political environment is more anti than pro business.  

I am currently undergoing my studies in real estate; I have minimal experience in the real-life environment of real estate but I'm passionate about the industry and want to pursue it full time in the future.

1) good job finding a 9 unit for $360k if it’s not in a war zone or a very small town. (25% down = $90k)2) saying you’ll get a “50% COC” return on zero cash invested, is still zero Cash flow but nobody would expect a 100% financed property to cash flow in a high interest environment  3) I hope you’re not paying for this “credit line” this is a very common scam  4) because that debt will show up on your credit, make sure your DTI will still let you qualify.5) make sure your lender will lend to you with none of your own money invested, 99% won’t. 

We are having a harder time making the rental numbers work in today's environment.

In that environment, most of a passive investor’s concerns related to honesty, transparency, accuracy, and timeliness are managed by the administrator who is a neutral party.