Visions of 10% and 20% and higher and higher are the things of early markets and they ride on the backs of unicorns.  6.8% ROE at this point in the cycle without factoring in depreciation and appreciation is actually pretty good.

-Investors were in a straightforward cycle of buying, watching appreciation grow, refi'ing to a lower rate, and buying again.

It can be a GP or JV, but that way you can see the entire process full cycle from the inside on a live deal.

I got caught in a cycle of renovating/renting/evicting.

There is always a gap between seller expectation and buyer reality during these first few months of a downward cycle.

When the person dies and his assets are passed on to their children, they avoid a taxable event through the step-up basis, and the heir can choose to pay off the loan by selling the securities with no tax liability, or just continue the cycle.

It's a business cycle, not the end of the world and people that position themselves correctly will do very well.  

Thus far, I've participated in two deals that have cycled since 2019 with an average return of 1.8x, 40% AAR, and 32% IRR. 

You will gradually get better as you go through the model-->purchase-->operate cycle if you intend to be a buy & hold investor.Your posting asked for advice on becoming an expert in the full spectrum of multi-family and commercial properties.

The basics of analyzing a multifamily property are the same no matter what point we are in the real estate cycle.