I am trying to get a sense for what is involved in undertaking a project like this in either of these markets, and whether or not it still makes sense in today's economic environment. 

You fall into the same group of people who have been super comfortable in the previous "Low Rate" environment that was not going to last.

That said, quality investment opportunities can be found in any environment so if you found one, might be best to acquire it.  

In todays environment investor are looking a lot closer not only at the deals but the sponsors track record

She is fishing for some free $$... don't take the bait.

Just curious... out of my grasp for much of them as I'm a smaller fish but found it interesting.

Right now in the lending environment you see today, lenders want very well qualified borrowers and as many of them as they can get on a loan.

I used to work for a broker that was only paying 35bps out of 100bps, and they wanted me to put my leads on their database, ya not the environment I am creating.As a MLO the exam is not that hard, I took the exam 2 days after I finished the last pre test and I failed by 3 points.   

I also have suggestions for property managers (though I would suggest self managing starting out to save money and gain experience) as well as contractors and other vendors in the area.We run a REI meetup in Roseville if you're ever looking to connect with other investors in an in person environment.

.⁣⁣- Because it becomes difficult for landlord to cover their repairs and maintenance cost there is a built-in incentive to let buildings get into states of disrepair and even unsafe living environment.