I already own 2 businesses that are organized as subsidiaries of holding companies and have decent revenue, so I'm curious of a situation like this with these small of numbers if there are lines of credit that may be easier.  

I'm under the impression that it differs from a REIT since a person would be investing directly into real estate and not into shares of a corporation that manages a trust.You would need to speak with a 1031 exchange organization or Realthyshares and get more information.

@Michele Greene, properties in north Orange County are a mixed bag, very much dependent on which city, which neighborhood, age, HOA, etc. 

In my grandmas neighborhood alone there’s so many new developments as far as shopping, student housing, etc.

And while the measure is just aimed at the city, she acknowledges other areas, particularly urbanized but unincorporated Sacramento County neighborhoods like Arden-Arcade and Carmichael, also could be prime targets for more renter advocacy.But Jim Lofgren, senior vice president with the California Apartment Association, said rent control distracts from the bigger need of building more affordable housing.

Jesse - Thanks organizing it. 

Unless the neighborhood where your property is located has experienced a dramatic shift toward higher income residents, there is no cosmetic upgrade that will give you a return on investment.

I'd go to zillow.com or one of the other biggies and look for comps in the same neighborhood, especially the "recent sales."

In general, the property doesn't stand out from the solid middle class neighborhood it is in. 

I purchased a nine unit apartment building last year in Berwyn, IL, which is a very high demand B class neighborhood in the Chicago market.