The issue is that the economy is not doing well and we are halfway into Japan's lost decade of cheap interest rates, debt, and no growth.

Hate to drive 6hrs for a closed office.

He has been through about 4 cycles he said and he said each time for commercial multifamily was the leading drive on the rebound.If you look at cycles they all have similarities and some differences.Recognizing these patterns leads to the best portfolio and the best returns versus risk.What Rich said holds true in that you avoid the herd mentality.People that do not invest prudently do good with some properties and then the others bring them down to a negative to flat position for years before you can recover.Some of these syndicated pools of investors look at the big project as a smaller risk.That is fine if the gamble is made based on the funds entered is only a small percentage of their total worth.Example if the have 2 million liquid and want to spend 100k for an interest in a property that could throw off very high returns than they are still safe versus their overall portfolio.I can tell you that buyers think "I am buying so low there is NO WAY I can lose on this!".

While driving through a neighborhood, we came across a house that is empty.

Houses on the North and West sides, drive way/front of house faces the East side.

I moved here from Fort Smith, Arkansas and just driving around the city the opportunities look limitless here.

Drive a paid for beater.

Once I purchase at tax sale, I drive to the house, gain access and change the locks.

The first thing would be to drive by the property different times of the day and check it out.

Drive through them to see if you would want to invest there.