This is Nanda.

So depending on your experience, if you are bringing a piece of land and some plans, I the outside investor would want likely between 80-90% of the equity if I am providing all the funds for closing, the experience, and the reserves, just to be honest on something like this. 

As ravens fly across the sky,I pass agreements swiftly by.No need to claim the haunted land,Just find another eager hand.A trader's art without a trace,What practice runs this spectral race?"

Assuming this is correct, how are investors able to get decent cash flow out of a rental?

Quote from @Marc Shin: First, you should let us know what state/city you live in because the rules sometimes change, and we can't give you solid advice without knowing where this investment is.Generally, you can give them a 30-day notice.

With this being my first apartment deal I am more unsure about underwriting this type of deal and was hoping to get somebody who is more experience in multifamily to look at the proforma, T12 profit and loss, and rent roll to tell me if I'm missing something or to let me know of things that I should be looking out for.

From what I’m seeing in this market (Hoboken, Essex and Bergen county), it’s really hard to break-even or turn a profit.

Why do you think you have to buy this third property in cash?

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My understanding is that there is no federal housing law in place that speaks to this, unless I get an FHA loan potentially.