I would suggest looking into your local market first obviously you need to find out STR restrictions or permit needed.

The pitfalls are obviously bad neighborhoods (easy to gauge talking to brokers or running crime maps) and also find the right property manager depending on the size and class of the property. 

With the lower LTVs offered by senior lenders these days, it may be tempting to look at preferred equity and it may make sense since technically it is cheaper than LP equity, but also keep in mind they have a higher liquidation preference (obviously) but will often want all the cashflow (or a majority of it) to come to them before the LP investors and will also want large reserves, so make sure you model out the cashflows and understand the end-to-end deal with the preferred equity investors.We have some institutional investors with whom we did a combination of a pref and JV deal and it worked quite well for everyone including them and the LP investors.

The law was written specifically to close this otherwise obvious loophole. 

With higher interest rates mortgage payments are obviously higher.

Pros of this are noise reduction...cons are obvious.

But you obviously aren’t literally paying.

I acknowlegde my questions are rudimentary and are probably obvious/ridiculous, as someone whose never worked before and I may not be asking the right questions.

Both of them have been great tenants but obviously can't live together with a protective order between them.

Obviously you will also want to walk all of the units physically during your due diligence period to see the condition of the apartments inside.