@Matthew Hamilton  Property Management combined with Real Estate Sales is a great way to work in residential real estate.  

Combination of 1 & 3.I wouldn't sell all my 5 caps if I bought them correctly.

We then purchased our rental property using a combination of HELOC and savings. 

Unit of comparison could be per door (unit), per Sf, or total property, etc.Not sure if the balance of value between MF and the commercial building but if I couldn't find similar sales I would probably use a combination of both MF and commercial comps- assuming a retail or office space.Income Approach- appraiser will reconstruct the operating statement from market data and then will develop and opinion of the NOI and overall cap rate.

Note 2: hiring a PM to do your function will result in expense to you, for what I see....

You may want to do a combination of both. 

When you rent out a property one of the three key functions that makes it an investment is the renters paying down your debt.

@Joe Zaniboni I think the only thing you can do is combine your lists into a master list and check for duplicates.  

@Todd KrzeminskiLeasing and managing are two different functions. 

Then maybe you can combine the two cash lumps together and buy a duplex or triplex (using a loan) and start creating wealth by living in part and renting out part.