I am just curious, If you have no experience in property development , but have been an investor in apartment complexes , along with buying and flipping houses, could you start by buying small properties and developing them, and then the more you grow in the future, the bigger the projects you can fulfill?

In my search, I became aware of a large apartment complex that was in my area that was up for sale.  

I'm looking at purchasing a condo from a turnkey company in Indianapolis and it looks good on paper but wanted to check with you folks.Here are the numbers:Price: $65kRent: $1075 (2bd 1.5 bath)Expenses (PITI, PM, HOA): 697.8310% Vacancy, 5% Repairs, 0% CapEx (turnkey comes fully reno'd): 161.25Cashflow $215, ROI 16%Looking at the MLS, the condo complex has a dozen other properties currently listed for sale and they've all been on the market for some time now.

I am wanting to buy an apartment complex.

There is alot of ways to go depending on what you want to spend and how complex you want to get, You can always get another Single room space heater Check out rinnai units.

In a complex, they would get ammenities like a pool, clubhouse, covered parking, and so on.

The money is great, but the feeling I get when I see my commissions dwindle due to taxes after all my hard work selling complex products, I get sick to my stomach.

You are trying to oversimplify a complex task.

There are also a few multifamily/small apartment buildings in the area, although a lot of that stock has recently been demolished to make way for larger, 100+ unit complexes.

I would definitely NOT recommend this option, especially if you are in an apartment complex... even if you own it... http://www.nytimes.com/2015/05/31/realestate/renovating-in-new-york-let-er-rip-not-so-fast.html?