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

Take a look at my thread "Diary of a New Construction Project" to get an idea of the complexities of new construction.

Every time I come to town to check up on the property I bring him a bottle of Beringer White Zinfandel, and he lets me know everything that has been going on in the complex while I was away, and gives me a little more history on the buildings.

There can be more complexities to it and it is good to consult with a tax advisor/CPA firm about the most advantageous way to set things up.

Save the financing and mortgages for larger projects, like the 40 unit complex that comes up.

The viable option that seems more promising for my investment goals after single family is to either build an apartment complex or build a strip 4-6 townhomes for the purposes of renting.

So deciding which homes are "better" is something of a complex formula.So I recommend South Side and Friendship based on modern patterns of urban renewal along with some attributes of solid building stock that would offer value to an investor.

I haven't even done one deal yet and I'm reading about how to finance/manage a 50 unit apartment complex in Canada."

Hey BP, I need some guidance on first steps for the following scenario:There are several small, old single-family homes located in a great location for a moderate-size apartment complex.

In a couple years this will be a very sought for area(if it’s not already) that developers are planning to build a complex worth of restaurants, shopping centers, a hotel and more.