But if you are willing to leave some of the capital in place, and can find a property that needs work and is in a location that is improving, then you may still have success.

I think learning more about markets and where things are headed is one of the things I need to really improve on.  

@Aaron Nelson, You can't exchange for improvements on property you already own. 

The real estate market has shown signs of improvement over the past months but there are still significant differences between cities and housing markets within cities.

In some cases, if I see that there are opportunities to improve a property to where is will meets my metrics, I'll make an exception. 

How big is the staff and what do they do?

The appreciation has been significant over the last several years and I suspect property here will continue to appreciate over time, both from overall property value appreciation but also the rents are appreciating which helps owners with their cash flow.I personally like multi-family properties the most, especially for newer investors as the properties being sold are often in such a condition that allows for cash flow to come into play after some renovations or lease improvements in the first couple years.

We hired our first employee and continue to improve our processes daily.

@Josh Edwards, while it is possible, the laws have changed regarding how much you can raise rents based on apartment improvements. 

Or do you typically keep the existing staff on at the complex, provided it’s performing?