There seems to be some competing arguments mentioned in the article so I wanted to see if I could figure it out for myself. 

But all rehab costs and holding costs should be deductible.Whether or not it will be a capital gain or ordinary gain is to be determined by a competent tax accountant.

I can't guarantee success but I can guarantee competence!

I could be wrong, but I feel like you are competing with these types of investors.  

If you want to compete with Hedge funds here .It is very worked over in Phoenix.Everyone is a wholesaler here!!!

First of all, if you include the electric but jack up the rent, you are competing with lower rents in the area and have to really sell the idea.

The other problem i have with the standard syndication model is that it puts us at a severe disadvantage when competing for deals.

Thanks in advance.Mike - do not forget to work with a qualified and competent attorney who has done transactions in NJ who can help you with the closing.

I’m looking to build a team of players likeminded people.

I've spoken to a few other firms, but it seems that the ones who look at an apartment building as an asset to be optimized aren't willing to take on something as small as 15 units.Here's the type of optimization that I'm hoping to see, in addition to general management competency:1) Turn time (between the tenant vacating and the unit showable, listed, and accepting applications) is viewed as a metric to be optimized2) Lease-up time (after the unit is turned, how long before a tenant moves in)  is viewed as a metric to be optimized3) Rent collection is pursued through all legal options4) Expenses are minimized both programmatically ("Water bill is high.