Can anyone please confirm?

Although I suppose I could put 25% down on a million dollar apartment complex and show reserves still, I'm not sure whether it's best to buy one big complex or a series of four plexes.

Regardless of how new everything is, you should still budget monthly reserves for CapEx, OpEx and vacancy, until each property has built up sufficient reserves.

Be careful loading up on properties with little down, little cash reserves, and 30 year mortgages starting out for rentals.  

You can always do time and material adds, but you would then need to be there and confirm that the hours took are correct.

No reason a tenant should be unwilling to confirm some thing that is already determined (rent amount, sec. dep amount, etc.).The estoppel really protects everyone - the seller, buyer, tenant and any agents or 3rd parties involved in thew transaction.Definitely not just for lenders.

Lenders we have worked with look for a 25% down payment, an adequate reserve, and a personal guarantee supported by sufficient personal income and assets.

You offer to guarantee a low NOI or net operating income amount for 2 to 5 years, and then have an option to buy based on the value of that low NOI value I don't think Masterleased options are good for new people unless they have very good experience with property management on commercial properties Taking a CCIM course I think is really helpful for apartment managementIf you want to look at Sammy's lease options for residential property, 1 to 4 units, you need to learn about Dodd Frank and the safe act and TILA and RESPA Some fallacies are you cannot legally go against landlord tenant law in your state, so you can't make the tenant pay for any repairs,  you've got to be very cautious about any kind a rent credit creating a financing agreement that envokes Dodd Frank and CFPB  Learn about using a RMLO and how that protects you in any kind of lease with option or lease purchase  Also be aware that the seller can have something happened to them, they can be sued, they can die, so I would highly recommend you have a sale and purchase agreement  And open an ongoing escrow accountTo make sandwich lease options work you must have some capital to put in reserves in case things go wrong, like evictions and damage.

@Nathan Clark you have confirmed for me why I hate water so much!

Thanks everyone for confirming that I am on the right track in thinking that the price was too high.