The goal was to take complexities and overhead out of the biz.

A complex should qualify for its own umbrella

It gets more complex, and I've cited to case law on other threads, but yeah...security under SEC regulation.If Mike were to sell a property, offer property management for leasing out the property and paying all the bills...that's called an investment contract and regulated under SEC rules. 

I invest in apartment complexes and since 2016 we have increased rents for 1br and 2br units approximately $200-$300 a unit and rents keep rising and it is landlord friendly and the average price per unit we paid was about $35,000 a unit and we have over 230 units in Apartment complexes.Swanny

How does the investment structure to outside investors in a multifamily new build look? I already have the land. This is the first step I've took . Could be 6-20 units. I'm thinking monthly payments then refi out ? A...

.- Invest in an out-of-state apartment complex and have a property manager run it?

@Christian Hutchinson The condo is in the whispering winds complex developed in 1988.

Can the units in this complex realistically rent for $800/month/unit?  

In this case, almost all of the owners will be investors, and will likely always be an investment complex. 

Large unit count properties such as large apartment complexes with maintenance staff have much lower maintenance/cap ex than lower count units.