I'd love to find an 8-cap apartment complex in Encinitas (where I live) but it's not going to happen. 

Some HOA limit the number of rentals in a building/complex.

I eventually want to invest in large apartment complexes, which will require this type of in-depth analysis.

@Pete StorsethPlease do more studying before trying a complex deal like a sub2.

In the same complex where this unit was, there was a S8 tenant that was unhappy that their carpet was dirty.

I have been searching similar threads I am trying to calculate how much I should be holding back each month for reserves on a small apartment complex.  

Ones deposit goes 'hard' very quickly and legals can be more expensive due to their complex contracts.

Other units in that complex which were not up to date recently sold for roughly 90k and further distressed condos have sold for less. 

I appreciate the replies, including the PMs I received.I think in the back of my mind, I knew it wasn't going to be that easy, but you never know until you ask questions...Beyond just the complexity of the situation, regardless of the risks, the other problem I foresee is that the "predatory" nature that might be construed from this could shine a negative light on my real estate rental business as a whole.  

After that,  I would like to focus on more of larger apartment complex, but do not feel that I could manage everything while still working full time.