We have 4 properties, a duplex in CA, 2 homes out of state, and an interest in an apartment complex out of state. 

I understand NV is business friendly and all, but I would save myself a bunch of money and headaches and just get good insurance unless you're buying large apt complexes, MHPs, bowling alleys or something.  

If you want to make money on the front end and back end it is much more complex than a simple percentage and differs property to property.If you are still feeling an urge to buy something for investment purposes, follow the Amish.

If you're a complete newbie, starting out with a 20 unit complex where rents are cheaper than my utility bills, in a D/F location is NOT a good idea.....

Or we should not risk with complex projects right from the start, and actually get something in a little better for a more expensive price?

This past week I crunched the numbers on a 23-unit MF complex.

If you just average the cash flow over the five years at $1200 (again just making this example simple, it's a bit more complex than this) you get an average annual return of 20%.

I think given the complexity and rush of this deal, I am going to back away or find a different route.

The tax rules are really complex and always changing in investment real-estate and an accountant who owns some himself will naturally know the rules better and more intuitively know if you might have missed a deduction or expense.  

Hello, My name is Vincent I lived in fresno, caI've been investing here since 2002, I've done Multi units from duplex up to 28 units apt complex.