This is the realm of underwriting more than the legal aspect of your entity.

Assuming it's in a strategic location, there might still be a lot of value in appreciation in the next couple of years as longs as the rent covers short term expenses.

I am sure that a lot of it will be second nature, but at the same time there will be some unique aspects that I don't want to miss.Thanks,K

Another aspect is that many of you are just lazy, you want to believe there isn't much more knowledge required because you aren't willing to study hard enough to get there.

Welcome to BP community @Eugene Taylor  It is a great place to meet new friends and learn about various aspects of real estate and more. 

So if you put it all together......After following Jons advice which I think should be the initial step, then you should get right into the numbers in general and then specifically, financing availability, investment resources, on a more global aspect how does the project fit into the areas master plan, is the area upcoming or stagnant....then you should flow right into Corey's description of due dilligence....What I mean by getting into the numbers is basically, does it make money and if it does....how does the return compare to risk and does it have a reasonable time value factor.....Is the project a good investment if I were asking you to invest your money in it?.....

And you need your GC to give you the thumbs up regarding the physical aspects of the property, at least the visible parts.

Unless you have a couple houses and want to gain the experience, or want to scale up a management company to several hundred units+, I can tell you from experience that having professional PM is worth the money, even if it just for the time saving aspect.

After learning on how many other ways you can finance I am less scared off by the money aspect. 

It's been my experience that potential tenants...at least the good ones, lol...see that as a positive aspect of the place.