I'd love to find an 8-cap apartment complex in Encinitas (where I live) but it's not going to happen. 

Others have pointed out the complexity and since its not really an arms length transaction any lender may want justification that the rent is no more than market rate.

So you may end up cancelling out a lot of your cost savings by introducing more risk and complexity. 

I'm currently looking for a 3-4 unit multi-family complex near Evanston, IL.

My local provider goes thru a large bank and does not finance larger purchases for larger complexes etc.  

Looking at a complex with a cap rate of 7%-- how do I find the cap rates of other similar properties in the area?  

I currently am a heavy equipment mech and shop manager for a major beverage company, but have worked as a maintenance super for a 165 unit complex so i am able to do that type of work if someone would like to do some sort of partnership and my wife was one of the office people at the same complex.

Appreciate feedback on this potential apartment complex deal.Number of units- 13 townhouses (2 stories and a basement).

"investor" rules are not only extremely complex but actually vague and subject to interpretation.  

So I decided to take a diploma in agency management and property services, which led me to researching property investment and eventually biggerpockets.com.