@Ric Mittleider Just saw this post on the forums and thought I'd reach out, I'm a local architect and owners rep with experience in housing off all shapes sizes and budgets multifamily included.

Your partner could have a different set of skills and knowledge, assets (i.e. landlord experience, network/connections, equity, good credit, cash reserves), experience to bring to the table and make a deal happen vs. me tackling a deal alone.

Most investors, acquisitions pros, and developers are looking for the facility that is mom-and-pop owned, roughly 30,000 square feet, with land to expand and possibly double the size of the facility.

Additionally, you want to invest in making sure your property stands out against similarly sized ones in the area with tasteful decor, themed rooms, game rooms, etc.

He handles our Cost Segregation Studies and has bee instrumental in our ability to achieve the portfolio size we currently have. 

The mortgage rate I have is 4.625% (30yr Fixed) My issue is that now I have to bring almost $8K more to the table upfront to then overpay for a property by $10K. 

It sounds like you are possibly contorting your investing strategy and pace to match the deal that is on the table rather than negotiating the deal to fit your needs.

Either hey thank to do the work or put some amount I escrow at the closing table.

A high debt service coverage ration - Other way of saying this is how much can occupancy drop and you still pay the mortgage.Syndication is a great way to get into a deal out of state that will have the size to meet requirement 1 and if your sponsor is good they will setup the deal to meet 2 and 3.For example, we know that occupancy across our portfolio can drop 25% and we can still pay our mortgages.

If the mortgage is $400 and you're charging $500 and area rents go for $1000 you are leaving serious money on the table.