We've done a handful of $100k or less renovations but never new story builds/extensive framing/permits like this, it's always been cosmetic and repair.

I have finally filed on one of them because the moratorium extension AGAIN, and I found he/she was subletting against my lease on top of everything.  

I have researched this pretty extensively in the last couple weeks and have found that the traditional SDIRA is best for turnkey properties where there’s a purchase and then very few expenses to be paid (taxes, insurance and property manager).

I get your point that the most sensible route is to find someone to partner with for something that needs extensive work.  

We have done extensive market research in that area as well. 

I have investment properties myself as well as extensive experience in commercial construction and would be able to assist you in all of your needs.

I have extensively searched the BP forums but cannot find anything to address my question.I am thinking about purchasing a small apartment building and looking at financing options for 5+ unit.This type of financing is often nonrecourse, and may carry a higher interest rate for this reason.

I have extensive knowledge of the SoMD real estate investment landscape.I also run the Southern Maryland Real Estate Investors' Group (SOMDREIG), Southern MD's REIA.  

Granted, I know that there is still a substantial amount of work that needs to be done but once a contract is signed, I'll receive steady income (given that I did the due diligence of finding a reliable tenant) every month without having to do any more extensive work until I want to find my next deal.

I am new to apartment investing and I'm ready to take down my first deal (in spirt, no actual deal yet).About me: SFH experience, working towards getting CO broker's license, wife is a residential broker, 10+ years of project management experience in heavy civil and commercial construction (projects ranged from $140M - $40k), degree in Civil Engineering, extensive business development experience, creative win-win negotiator, and I am ecstatic about buying apartments (it just makes sense on so many levels)I have connected with a local mentor/sponsor and we are looking for 50-100 unit buildings (Type C to B) along the Front Range.