These folks are ready when they finally get mentally ready to tackle the task.  

You have motivated me because I've been on a mental roller coaster when it comes to sticking with it and taking action.

I saw this on other commercial developments where the developer projected a certain return when the project was leased up.When the project was nearing completion the market had softened a little which hurt the returns in a big way.It sounds like sellers and developers are cashing in on the herd mentality and will be walking away with the most money on this.I haven't been there like others have but I have had talks with others about it.I would say do not throw more than maybe 10 to 15% of your total worth if that into it.This way if something crazy happens you are okay.If you throw most of your money into it you are playing the lotto.Some will hit it big and others will take a big loss when it falls.Odds are with the lottery you will be left in the dust.If I was a seller in that area I too would be cashing out selling the land or building and then take the cash and 1031 into properties that are not over inflated in different markets.The 22 million is an asking price and not a selling price for the apartment building.The only way I would take on such a price or situation is with a non-recourse loan with no carve outs.This way I cash flow like a beast and when the market hits the toilet give it back to the lender and walk away.Under any other scenario you can land big apartment buildings with just as much upside at much lower debt service to decrease risk and market fluctuations.

You seem to be just wanting to go out and buy something.Do not follow the herd mentality!

(I also had a lone ranger mentality and no BP.)  

I talk to my friends that "WANT" to invest, but they won't because they have the squirrel mentality of hording their money and they are afraid of loosing it or failing.

It just means that the TK provider understand that people live in house and things happen to people outside their control such as job loss, illness, death, divorce, job transfer, marriage, mental breakdown, etc (I have seen all of those)  Verify rent range through other property managers, Craig’s List and Zillow  Ask if permits were pulled during the rehabIf a tenant is in place, ask to see the tenant file Remember, you can fix the house, you can fix the tenant, you can fix the property manager, but you can’t fix the area.

Lets get into the numbers and my mentality going into this property.

Laws: Tenant/landlord laws matter because if you own properties that fall under "tenant-friendly" laws, it can be very costly to you, both monetarily and mentally.

took a few pics earlier today. that tree in the back drives me mental.