Indianapolis in particular is one place I'm seeing a lot of good movement, but most of the others on your list look good.I'd probably be a bit hesitant about higher-end multifamily in Vegas specifically right now, thanks to recently delivered upscale developments and a big drop in rents (was seeing -3.1% YoY around October/November). 

Feel free to reach out if you have more specific questions.Best regards,Brandon

For investors looking for capital appreciation, Class B and C may be better investments for that specific risk profile.

Are there any specific considerations or legal aspects I should be aware of when making this transition?

Come back with specific questions.

Your CAP rate will be dangerously inaccurate if you calculate expenses incorrectly so let's break those down.Utility Set-up- As an overview you need to know the difference  between city-provided utilities and onsite such as Septic Tanks with Leech fields, lagoons, Wells, EtcGetting more specific what utilities are maintained by the community, paid by the community vs the tenants.I will give you a quick example, I own a park with a bunch of multifamily manufactured units of which I pay the electricity bill.

It makes sense to buy and hold real estate at the right time, for a specific period.

But there generally isn't a market for them as such.But that being said once in a while a DST comes on specifically designed for shorter holds and they anticipate an 180 month to 2 year hold. 

@William Brock I can't say specifically how well these do, but we have lent on numerous VRBO type properties on Canyon Lake recently, and those borrowers seem to be doing well, so other investors are doing just what you're talking about, for what it's worth

You will make several mistakes starting out and will only be worth it if you then continue to refine and master that specific strategy.