It seems if you build it out into a proper modern small set of apartments, you can avoid any big maintenance issues for a long time, as well as making something highly desirable/and therefore priced accordingly. 

Wow, I can't believe I left out how attending and later joining some local REIA's: AZREIA and PREC were and are very important to me and help me associate with successful people and the right mind set!

Don't know that much about it but can set up auto emails for you if you would like.

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

Researching markets, fostering relationships with brokers, finding and vetting deals, obtaining experience, raising capital, arranging bank funding, vetting management companies...the list goes on...is hard work; so, the deal structure is set up so that the sponsor gets compensated for that work with a 70/30 split rather than proportional.  

Here are some good places to start: http://www.biggerpockets.com/meet- find and connect with other BP members that are in your area.http://www.biggerpockets.com/alerts - Set up keyword alerts to be notified of the topics that interest you.And, of course thehttp://www.biggerpockets.com/forums - ask any question about real estate!

Currently constructing first SFR ground up 4200 sqft on Eastside set to go on sale in 3-4 weeks. 

I invest in lower B class properties in a strong market (Nashville) where I can cash flow (NOI even after all set-asides for PM, major repairs, etc) about $300 a month for every $170K home I purchase.

What i want to know is how should i first set up a deal like this?

Feel free to inbox me your contact details and we can set that up.