While I have sort of gotten used to it, I doubt prospective higher income tenants are going to like this aspect of the neighborhood, drunks walking up to them and asking for money for a meal.

Your best bet is to contact an MAI appraiser in your area and ask for a feasibility study as to the highest and best use.It's not always up to you from a market aspect, unless you build it. 

In syndication deals minimum investments are typically $50k or $100k, so you'd be able to take part in a number of deals with a number of lead investors, which would afford you the opportunity to learn about all aspects of apartment investing over the 3 - 5 year term of the investments.  

Welcome to BP community @James Berry It is a great place to meet new friends and learn about various aspects of real estate and more. 

I agree with Che, when ever some negative thing came up you would be responsible, yet the positive aspects would most likely be overlooked.

He would give me a small fraction of the down payment and I would pay the rest and handle all of the other aspects of the purchase and maintenance of the deal once it goes through. 

Do a periodic inspection of the premises to see if they are in compliance with other aspects of the rental agreement.

Blocking off time on your calendar is CRUCIAL for most people.  

If he is solely in it for the monthly cash flow aspect, out-of-state is going to be his better bet.

I am wondering about the positive aspects of using this product, but most importantly I want to know all the negatives as well.