But if your standing at ground zero holding in your hand the first few building blocks of your business without a (significant) track record, would you agree that it's difficult to partner with someone this early for apartment purchases (maybe even plexes purchases)?

I'm under contract to buy a 2 acre parcel that is 2 blocks from a small, growing university. 

I really liked how nice it was and I got to know the neighbors and they're really great too.Purchase price = $31,500Rehab = $6,000 (approximately)Work done:+ Painting all rooms in the house (needed primer to cover ugly colors) + ceilings and trim+ New rainfall tub/shower faucet + plumbing+ New ceramic tile tub surround and tile base around the room+ New toilet+ New glass block window in the bathroom+ New windows in the entire house (except for large picture window), double-pane vinyl windows with tinted UV protection+ Basement laundry tub plumbing repairs+ New water heater+ Drywall replacement in upper bedroom around stairwell+ New outlets and switches in all rooms+ New light fixtures in two rooms+ New kitchen floor (sheet vinyl) also used on back hall and stairs to basement+ Miscellaneous (some new cabinet handles, smoke detectors, CO2 detectors, door knobs, new locks, curtain rods, curtains, light bulbs, grass cutting and gutter cleaning)Rented out at $875/month + utilities.The tenant I have is actually one from one of my other rentals. 

@Stephanie Terry , I feel your pain - we just went through this about four weeks ago as well.....but I think I am at the point that @Jean Bolger  talks about -- already glad that it didn't work out, and looking forward to other opportunities.  

Dave, I am literally sitting 1 block off of Mass Ave in Indianapolis enjoying a coffee and know our market very well, many investors on this board will even refer me.  

Ensure none of the returns are blocked.

Plus the kids will get new cars when they turn 16 and parents don't want them blocking the driveway or parking on the street.  

Home is a block from library, pool and elementary school and two blocks from shopping.Laminate flooring has been installed in living room and dining room and has been purchased for family room.

I know there will be some growing pains initially...but nothing worth having is easy, right? 

@Andy Kaye Learn from my pain - Do not waiver from this rule of thumb.