We are buying a 10 unit complex.

If you're looking to profit 7-9% a year and then have a chance at a 50% kicker at the time of sale, over about 5 years, get into an apartment complex as a passive investor.

My business partner and I are both newbies, but he can bring substantial funds to the table such that buying a larger apartment complex could be possible (upwards of a $1MM purchase price).

sounds like a pretty sweet deal. what are your expected cashflow on this property?

You will also find that the more units you target, the cost of entry, operating costs, capital costs, and deal complexity also will increase.

We've been doing that and it's pretty sweet since all you need to do is change the code between tenants. 

PhD economists and hedge fund managers with large teams and complex computational models can't reliably predict recessions.

These are questions for which you may not have answers to and that is fine - get with a CPA who can help you navigate the complexities here and help you with your tax return.

Since nobody else has said this yet I'll be that guy:  It depends on your goals.Flipping the house will get you more profit sooner, but it'll be taxed at a higher rate but it'll be liquid in a few months.Holding the property get you the long-term residual cashflow and you'll get most if not all of your starting capital back, But it'll take longer to see your profit.So to answer your question with a question...Are you looking for quick profit (sweet vacation, replace career, etc.), or are you looking for steady long-term income?

I am closing on a 32-unit apartment complex in about 3 weeks in East Dallas, TX but I’m having a very hard time finding a Property Management Company.Current PM is not doing a good job so I need new management.Can someone please help me with PM Company recommendations in this area?