I am closing on a four unit property in the next couple weeks but really would like to purchase an apartment complex in the Atlanta Georgia area.  

I'd be glad if you could elaborate on how you are able to invest long term (apartment complex) with no money down.

I would go with option two as well, the advantage of option two is that if you were to find a property that had below market income you could potentially raise rents, install laundry, rent out garage space etc. and thus increase the value of the property since it is a 5+ unit complex. 

If rates are similar, option 2 would allow me to increase the potential number of deals while decreasing complexity. 

My wife and I are currently buy and hold investors in Northern New Jersey but we are exploring the possibility of moving back to my wife's home city of Portland, OR within a year to 2 year timeframe.We are interested in spending a day viewing multi-family / apartments complexes.

noone will finance you an apt building unless you have the experience of running a SFR or a duplex. so start there unless you have lots of money and just want to buy an apt complex for the hell of it.

I would agree with @Nicolas Paez that your expense estimates are way too low for such a neglected complex.

This will leave you with 200K (10x20K) (I won't consider tax for this example).Of this 200K, take 150K and buy a 600K apartments complex (let's say a 8 units since I don't know your market).Put 150K down and finance the rest with a commercial loan for 450K. 

Very expensive mortgage, but could use the income from property(s) to qualify for re-finance conventional in 2-4+ years depending on property type.Property options, potentially a mix of a couple:* Large 8-20 unit apartment complex(s) $500k-$1.1ish - Local or long distance.* 10+ "turn key" Harrisburg, Pa houses @ $60k - $125k* 1 or 2 new development townhouse in an upcoming RiNo area of denver for ~$450k, with the hopes of appreciation in 5 - 7.5 years and sell.

Lucero - I'm shooting for 4-5 SFHs and a multy-family/Apt complex.