@Tyrus CowanI'm also in Cookeville and would agree with @Ryan Daniels this market has become very overheated intial offers going in over asking to be beat out by larger investors who frankly just don't have margins to worry about

For larger apartments, years 2-3 are where this occurs if at all.

Here are the numbers:Annual total gross rent received: $800,000Annual cost of property management (10%): -$80,000First month's rent goes to property manager as finder fee: -$66,666 / 2 year lease = -$33,333Total cost of property manager: -$113,333Current annual profit; $200,000Net profit after paying property manager: $86,667I like the idea of selling some properties to 1031 exchange to a larger self-managed property like an apartment complex but I don't know how feasible it is to try and sell enough properties simultaneously to time it correctly for a 1031 exchange. 

I sell my left over houses usually on ZERO % financing like right now I have 2 in cleveland i would do that with.. great deal for someone who can handle larger than normal payments and wants to own them free and clear in a few short years.

The rate through Vanguard is higher than the HELOC through PenFed of 5.5% but still nice to access additional capital vs liquidating stocks or using cash. 

While growing a larger network.

They just reduced to 3 months free this month.In our area most REIT or larger storage locations offer 1 to 2 months free with new contract. 

They will require the GPs to have some capital in the deal net of acquisition fees, in addition to net worth and liquidity requirements.Generally speaking, syndicated deals will be structured under LLCs, with two or more share/membership unit classes.

So we are moving on up to a larger house and planning on renting our first after a small rehab.

Tenants want free water, utilities, rent, and now you may also be subject to provide the building with free Internet.If it was such a deal and a steal; I assure you someone or some company with larger pockets would had bought it already.