Fast forward 12 years... two of the original tenants (without pitbulls) still reside at the complex.

I am working with a group of investors and we are considering building an 18-Unit apartment complex.

In the chapter Ken gives a real world example of his offer on a property that he derived from dividing the NOI by the Cap rate in his area, but most of the properties he talks about in his book are larger properties, most involving hundred unit apartment complexes.

I had been on vacation in Jamaica and met a couple there who were retired on their Fort Worth apartment complex.  

Seeing as you are starting out I would not recommend a multi-family yet as it can be more complex to manage & maintain.

As for finding a good single family property, I am planning to use a turnkey company since it is my first investment property and investing out of state just adds to the complexity.

My business partner and I are in the process of closing on a 16 unit apartment complex.

Where you could run into an issue is if the HOA doesn't allow for it, which is the case in some condo complexes.

I would use it to fund a major apartment complex deal!

There was another unit in the same complex - and I was considering buying that too but I figured, this "one" is good for now...I'm going to see how it goes, wait 6-12 months and see if the magical dip comes.