I started in November 2016 with 120 units and as of today manage 437 doors with myself and 1 full time leasing agent.

Sometimes you can do 80 percent ARV but still a big difference  in todays market one would be very lucky to get these metrics on a flip..

@Alex HamdenI saw that John Cox , running for Gov of CA is using the house as an example of how California is unaffordable for middle class families today .

The 2018 second quarter RealtyRates Investor survey says that apartment cap rates are on average between 4.9-13.8 nationwide depending on LTV, but the survey is not limited to recent acquisitions and I assume that those that participate in the survey know what they are doing .So this bring me back to my question: for those who are actually set up to responsibly invest but don't have the experience or network to hit the 15% CoC returns in today's market where the pros are also claiming good deal are hard to come by, is shooting for the 5 cap cash purchase on their first deal to learn the ropes a crazy idea?

It will be tough to find a HML who can fund the deal fast enough for an auction property.Auctions typically require full payment, in cash, within 24 hours of the end of the auction.You would need to get pre-approved with a HML and have the funds already available.Otherwise you could find a private money lender or partner to take on the deal as well.

That can get real messy real fast in the IRA space when disqualified parties are involved.My bigger question is one of why? 

The only genre that pencils out today. 

They make excuses(consciously or sub-consciously) as to why today isn't the right day for them, why they can't find enough money to get started, why they can't find the right property or they justify why they can't begin the process.

I had a very bad experience with Auction.com today.

Hi Joshua,I'm in the solar industry and I think it would make a difference whether the loan is help privately or part of a public program such as PACE.