Specifically about the Job and Population growth, Vacancy rates, New building trends and general health of the Multifamily sector in NM.

I guess I was assuming that a landlord would see this as an opportunity for an pretty decent cash on cash return for the first 3 years, then finance it through a bank.

@Richard Goore This is a good topic...I do these pretty routinely from the buyer side.

Where we own is a fairly sought after location so we've been pretty fortunate all our units have stayed consistently booked.

They are functional and not pretty. https://www.dormakaba.com/us-en/solutions/products/door-hardware/mechanical-locksSchalge is a good brand but not familiar with what they have to offer.

I think your line of thinking is pretty solid.

@Michelle LaRueInvesting in promissory notes via a self-directed IRA is a pretty popular investment. 

The Lift The Ban group has paraded folks who've lost their rentals due to health issues, old folks who couldn't afford their rent in "their" neighborhood anymore, and a whole crowd of people in similar situations and things that have nothing to do with the cost of rent across the market.

The fee doesn't sound high at all and could actually be pretty low if that's the only fee.

We are located in Austin TX which is pretty close to San Marcos TX (both college towns) so it's common to have someone sign a lease guarantee form which makes them liable to pay the rent if the tenant can't for any reason.