For example we on residential sales side we focus on buyers who invest in particular town - like Newark NJ; for apartment complexes - we buy NorthEast.

Sorry for a rather long post, but I have been overwhelmed with the complexity of the tax subject, and want to strike the best decision. 

I had a 42 unit complex that was all section 8.

Alexander,Given the complexity and technical acumen required for commercial RE development, you will need to learn from others. 

This gets really complex quickly….  

With rates today you'd never cash flow.I just put an apartment complex under contract that's in a super hip area of Houston.  

@Ken Martin, I have seen something like this been done but it is a complex topic that requires input from legal (SEC and RE) counsel, CPAs and a lot of coordination across the investors.Have you looked into a DST structure?

It certainly helps mitigate some of the downside, but putting that type of deal together would be more complex. 

You want to specialize in something that can be really involved or complex (i.e. note investing, tax liens).3.

Most of my clients are high risk (meaning they often have complex medical conditions).