Located in a condo complex in north Tucson that includes two heated pools, hot tubs, a tennis court, and hiking trail.

I'm an equity partner on four different apartment complexes and have learned a lot from talking with and observing the lead investor (i.e. syndicator) about raising capital and investor relations by being in those deals.If you are fortunate enough to find a mentor, it would be wise to find someone with integrity, who has multiple SUCCESSFUL deals under their belt and believes in consistent and clear communication with their investors. 

The condo was listed lower than others in the same complex of similar quality and much lower than units that had been fully renovated.

Understanding and underwriting complex deals?

It depends on the market, but in Austin, having a washer and dryer either in unit or in the complex is pretty market standard.

This will not compare to a large apartment complex. 

However, it adds complexity with more paperwork and potential self-employment taxes on all the income.Doing it as an individual is simpler, with everything going on your personal tax return, and you might benefit from the home sale exclusion if you end up living in the property for a few years.

@Allen TracyCalifornia state tax laws are complex and you do want to work with a professional who understands state tax laws.You also want to work with a CPA who understands multi-state taxation since you have to have property out of state and as a result need to file an OH state tax return.Ohio is a unique state in that it requires the filing of many locality returns.Good luck in your search!

Specifically asking about public safety, appreciation vs. cash flow thoughts, and complexity of building a local team (agent, property manager, general contractor).

I visited 6 apartment complexes this week across two Midwest metro area and saw only one EV, which was owned by the regional manager, not a resident.