Also, a reason not to accept a security deposit from a nonprofit or social service agency is because if you get into a conflict with the tenant, the organization will "advocate" for them, including legally, and may be quite absurd (and incorrect) about the level of "rights" they claim for the tenant, and this is super stressful, and also, now you have a very entitled tenant who thinks you're obligated to put up with all sorts of awful behavior- because they've been erroneously led to believe that they have excessive "rights."   

@David Sillaman Ok so it sounds like cash investments will not give rise to the appreciation/depreciation tax benefits for holding 10+ years and it must be capital gains invested into a fund to get that treatment.If cash and capital gains are mixed into a fund I believe that dilutes the tax benefits.

Reality would have proven the need beyond the shadow of a doubt.I believe the protection of a LLC is primarily physiological in nature.

And believe me, this is the time that you really do not want to miss out on expanding your knowledge.

I believe I'm knowledgeable about real estate for my age and ready to get my feet wet purchasing my first property.

With 5-10% down, that makes me believe that you are going to live in this property.

I believe they would have to prove that I lied about something. 

Is there a source for the following data;  I am looking for the "norm" for the expense ratio (based on either GPR or Gross Income) for individually metered garden style apartments in the south east and the mid Atlantic (Region IV) : Marketing Insurance Janitorial Service Lawn/Snow Licenses Miscellaneous Professional Fees Accounting Legal Property Management Fees Repairs and Maintenance Resident Superintendent Salaries and Wages Supplies Taxes Real Estate Personal Property Payroll Other Trash Removal Utilities Electricity Fuel Oil Gas Sewer and Water Telephone Other (whatever I missed)

I love to talk real estate and have been doing a lot of research and educating myself  in the past months and I believe Cincinnati Ohio would be a great place to invest in small multifamily properties and would like to eventually work my way up to larger multifamily properties. 

To round it out with a few specifics:I'm a big believer in researching an area, knowing the market (income, rents, appreciation, industry, etc) and building a team.