Non-foreclosure units in the same complex have sold for $160k - $170k within the past 4 - 6 months, which indicated to me that 1) there should be equity coming in the door and 2) this is a really tough area to find units that cashflow.

I since learned from that experience when I bought my 100+unit apartment complex (which turned out to be wayyyyy better deal even though the numbers didn't look as good).You have to know your market, the building and what's going on.

This particular complex was just purchased and had a high vacancy rate.

I have narrowed it down to a 3-4 flat, or if I do end up employed in property management and gain tenant handleing experience possibly a larger complex.

However, the big banks, particularly those with strong international presences have the most robust controls and most automation around those controls.JP Morgan Chase & CitiBank probably do the most international lending, including highly complex syndicated lending in the international space.  

@Joel Owens   with 20 empty  units in a 39 unit complex  what would the expectation be for number of units to rehab in say a six months or a  one year timeframe?  

A apartment complex is valued by the income it produces so you will need to research market rents, rehab, expenses, taxes and the 100s of other factors that go into purchasing a apartment complex.

You might be able to buy a 2-3br condo though and rent out the other bedroom(s) to school mates and they will cover most (probably not all) the costs of owning and you will have your own place to live.You can do FHA 3.5% loans on condos, but the complex has to be approved for it.  

I believe that partnering brings some complexity.

Are you working on a 300+ unit apartment complex with costs in the $120-130/SF?