Don't take on a project that is out of your control and something that is difficult to budget for.

Any rent control?

The exception is when the location is in a well populated area with major foot traffic of people who have moderate to higher income levels and they frequent the businesses in the area.

I don't like DST's except in certain situations.The way they are constructed they are front loaded with fees and the passive investor doesn't control the exit.

You have no control.

Insurance, utilities, management fees, the cost to turn, how long it takes to turn, the cost to advertise, which ads work, foot traffic, closing ratios, trailing 12 months of operation, and then you need to know and have relationships with the top 3 controlling brokers in the market to find the best apartment stock within.Look, I am not trying to scare you here, but there are so many courses out there suggesting real estate is easy when, in truth, there is a lot to know.

Working on pre-qualification so I can really start shopping.I’ve been talking with a few realtors/brokers as well and have started getting some traffic with off-market deals.My next challenge is finding a few solid contractors.  

We're in a rural, resort area so foot traffic is still a real source of leads for us, especially during the tourism season. 

Other than non recourse loans, looking for ways to get additional leverage from my SD IRA which I have checkbook control over through an LLC.

Some of the differences with SFR that make them less valuable than otherwise similar comps are location on a busy street, smaller lot, bad condition, structural defects, higher tax area, different school zones, different deed restrictions, access to main roads, rush hour traffic, obsolete or unpopular architectural style, inferior finishes, time since remodeling, age of roof, flooring, and others too numerous to mention.To get the discount to fit your formula, you’d probably need to find a house needing significantly more than $15k of work.