Out of curiosity did the QT gas station next door play a factor when deciding to purchase this complex? 

@Brian Reynolds - No experience with new construction here, but I have seen rents much higher for newer complexes. 

First thought would be to do the BRRRR strategy or build a Fix and Flip business and invest the proceeds in building a SFR portfolio.You can definitely go ahead and purchase an apartment complex of $2MM, use third party property management and be somewhat active doing the asset management and making sure the business plan is accomplished.And then if you want to go totally passive and get "mail money" you have REITS, Syndications, and some other strategies that will each be a good option for you or not, depending on your return expectations, risk tolerance, etc.I used to own 4 SFRs and made the transition to large commercial multifamily.

If you are looking for those larger complexes, your competing with the out of state big buyers that don’t have a problem competing for a property.

I have properties in Jacksonville and love the area, but I want to start looking at emerging markets and purchasing apartment complexes in those areas.

Even today, they just broke ground on atownhome complex across the street from my residence that are pricesat $530,000 for 3/3.5 with 2400 square feet.

To add a level of complexity, the home we are currently looking at is a Homepath home so not sure if that will matter.Thanks in advance!

Does anyone have any advice or know some of the pros and cons of owning an apartment complex or hotel?

(Not many 1 bedrooms in complex have a garage & most comparable units in area do not have W/D in unit)Purchase price: $51,000.00 (cash deal)Note: Small assessment paid by seller at closing.

In my opinion, to achieve any kind of true diversity, I think you would need to buy something on the order of 1 SFR in Ohio, a duplex in SF, apartment complex in miami, and a bed and breakfast in phoenix.