@Casey Adams @Clint Jusino there are lenders that will go up to 80% LTV on a cash out depending on state, FICO, level of experience, etc and some have NO required seasoning if you have done rehab to justify the increase in value.

Please give details of your experience please.

The rental is priced over $2000/month, which move much slower in general hereFYI - you should definitely speak with folks in the market you choose who have knowledge and experience firsthand for that rental market. 

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

This experience highlighted the importance of thorough initial assessments and flexibility in budgeting, reinforcing the need for strategic planning and adaptability in real estate investments.

This experience reinforced the importance of strong partnerships, quick decision-making, and effective management in real estate investments with Partner Driven.

If you’ve never owned a rental before, I’d highly, highly, highly advise staring out much smaller than 13 million and 100 units, and frankly unless you have 13 million in cash no bank is going to lend someone with no experience 13 million dollars, I’d start with multi family in one of three places, a class Baltimore, canton, fells, Fed hill etc, Frederick or the eastern shore of Md all of those markets are somewhat affordable have good tenant mixes and a relatively safe, see how it goes, if you like it, than buy another 2-4 unit, than another maybe once you have 8-10 units if you still like it, still are making money than go for something bigger.

Most other people I say 5M but since you are high liability doc it makes sense to get this extra protection sooner.You're in an excellent position to achieve your FI goal by age 50, but you really need a group of good accredited investors around you.

Here is our experience:  There is considerable potential to manage a yield-bearing asset, but as @Alice V. mentioned, insurance costs have soared, to $1,250 per door.  

My experience is that condo associations typically charge so much in monthly HOA fees that any potential investment income gets eaten up by that fee.