I think that small apartment complexes are a good way to go, try to find a property that you can add value on.  

Originally posted by John Jabson:I know the basics but that's it.So, again, you admit that you don't know very much about an exceedingly complex subject, and yet you are willing to draw broad conclusions related to it?

David T.Wow, an apartment complex having a 'no overnight guest' rule is a bit much indeed.

And the input you get from other landlords is quite varied; there will be big PM / complexes that no longer have the tenant records (so you'll get nothing), and there will be big PM / complexes who have very detailed records (and they will give you info the is pertinent).

The answers to your questions are too complex to cover all the intricate details here on a bulletin board.My choice would to have control of title to address many of the potential issues.

@Ryan BeasleyI think you might be referring to Omar's recent post about buying a complex in OH for $18k.

Buy and download the AIA105 contract for small commercial/residential and alter it to include the terms you want - its not rocket science.If your project ends up becoming more complex - or you are unsure/confused after trying this approach first - then consider and architect.

We already have 4 vacant units, which we are happy because we can go in and fix those up quickly and show that the complex can be re-positioned to a "B" class property.  

Sad story of the Loss Payee micro managing the restoration, but Lost Rents coverage was sweet during the process.As I have a 6-unit complex, the mortgage would have still been paid and just zippo for profits for that year as a result, but - - what would be your status for 12 months of no rents?

Sorry @Ned CareyI have a large multi family complex that me and one of my investors are looking at going in on together.