This is not an easy way to make a living.And a critic could suggest that whenever you visit an asset acquired by virtually any syndication/group/company (in this case, apartments) you can put your finger on visible issues that cause concern.

While they may not be applied 100% to Real Estate, I would recommend the following fields:  Accounting, Psychology, Engineering or LawAccounting is generally a little more rigorous than Finance, Economics could be another option if you are interested in that.Psychology would be a good degree to help with the marketing/sales aspects of Real Estate.Engineering would help with some of the home improvement areas. 

Having an Attorney help with the LLC would be ideal because the operating agreement would be very critical in this situation.

We have a 20 unit out of state and the critical issue is the PM.

@Rebecca Coleman As far as logistically executing a seller finance deal, I think one aspect that regularly gets overlooked is how the payments will actually be made.When of the most common objections from sellers (especially tired landlords) goes something like this, "That sounds great and all, but I don't want to be running around collecting checks like it's rent.

If one wants to wholesale you would do better going to work at a Car dealer FIRST to learn how to sell ... and how to close.Most people simply can't close.. can't ask for the order do not know that there is a definite skill and methodology to get folks to commit to do business with you.. this again is why real estate license is a great thing to have it then gets you in front of the sales guru's who teach sales technique... which is as we know critical to success.. when in fact wholesalers are just real estate sales folks doing it mainly illegally in the first place...

These markets often have outstanding initial cash flow that is often critical to RE investors when they are just starting their RE investing.

I used this Critical Information to make our decision and we accepted an offer at 900K since the other house had a lot more upgrades. 

The Developer may say or write something to appease you, but if/when the Governing Docs pass the power to a newly elected Board after a certain percentage of units has sold, that Board and the HOA Membership may well have authority to change certain rules.The comment above about reviewing the Budget is also critical.

Beyond the basic utilities, it is critical that you obtain the current/new year Operating Budget and Reserve Funding Plan to answer your questions.