Considerations i appreciate so far:- Obviously the most expensive, the more ability to absorb the cost of performing the study, and the more building value to depreciate in general- Would you focus more on multifam but in class B-C?

I believe if their credit and/or debt to income is not strong enough, they can still be qualified if they take a class on finances and the like.

QBO Plus has class tracking, which is what you need to be able to track and separate by property.

CapEx and repairs should be lower after renovation, but how much lower and for how long really depends on the renovation, location, and tenant class.

One approach would be to decide on an asset class and market e.g. multifamily in central Florida, and then secondly decide on how to invest whether directly, via a syndicate, REIT etc.I have invested in a number of syndicated multifamily deals as a LP and GP so if you want any specific insights please feel free to DM me.

Working-class neighborhood. 

They'll also want to know about the location and what is the class of neighborhood.

But perhaps also among geographic markets, operators, and perhaps classes of property.Funds have three primary disadvantages over single-asset syndications, however.  

What asset class and price point are you targeting?

Commercial lenders in our area don't care the asset class - and even like it when we occupy the property as an office (or home).