Mainly if you don’t have the down payment for 20+ unit, you would syndicate a deal, but with no track record it would be hard to convince investors.

On the surface, these deals just wouldn't look that attractive. 

In the meantime, my PM keeps finding attractive deals in my hometown.

Prices in Central Maine are really high right now too.

The main difference being how and when title is transferred.  

Re: 2 BR vs 1 BR - 2 is markedly more flexible and attractive than 1. (3 is even better, obvi) You’ll have a very hard time putting a family in a 1 BR

The main reason I am getting into real estate (hopefully sometime soon) is because I like math.

The main benefit of being "grandfathered" by using the existing structure is that setbacks and construction techniques can also be grandfathered. 

It has been proven to me over many years that is a dark and dangerous road.In our leases, it states that if the maintenance issue (lets use clogged toilet or sewer main) is a result of normal wear/tear or lack of owner maintenance, the charge rightfully belongs to the owner.However, if the tech pulls out a toothbrush or Barney the Dinosaur out of the drain, the full charge belongs to the tenant. 

My main interest is the low interest mortgage.