We financed the deal with a non-recourse loan which requires 40% down, certain amount of positive cash flow and a certain percentage of reserves in ALL IRA accounts.

I don't remember exactly what it was but had something to do with posting deals, or percentages on returns, and other financial information. 

@Kyle Houlahan I would second an LLC and also have an operating agreement the states what the job responsibilities are of each partner and what percentage of the deal each partner has. 

You can still look for an experience investor looking to acquire another apartment complex, but instead, partner up with him/her and offer them a percentage of the cash flow and equity.

Then its a percentage based on that. i.e. if land is valued at 1m and you bring an addition 2m to build then its a 33/66 split.

If the big expenses were around $10k each, that would add an added 13 years to recover that cash, and this repeats, so you never catch up.The dollars (not percentages) you need to make, and use for analysis, must be based on your plan requirements...NOT some arbitrary number that you adjust as you go to make a property work.Your not going after properties...you're going after deals. 

I suspect that a large percentage of those are in a few cities like SF, LA, NYC...

@Victor LauWelcome there’s many places to invest out of state they can get you closer to that one percent rule I think more importantly you should focus on investing toward your goals not just towards a percentage that people say you should buy at.

I was wondering if the numbers on Redfin are fairly accurate, or do they just use a generic percentage across the US?

The bank may apply to HUD for a variance in the event that the seller has other liens that may be cleared with the sale, but there are guidelines for what variance percentage is acceptable also.