Which would hit the 10 unit limit in accordance with the General Plan.RM-4300 Residential, Multi-family, 1 unit/4,300 square feet of total lot area or, 44,000 sq/ft lot / 4,300 = ~10 unitsThen finance the construction on a 10 unit complex.Keeping the property as a long-term rental complex seems like an easier process than splitting the lot up, establishing an HOA and selling individual lots.

We are presently engaged with a mid-sized multi-unit complex which was running at 50%+ vacancy as a consequence of mismanagement and inadequate re-investment.  

Ultimately, I'm interested in owning or leasing an apartment complex as a means to bring in consistent cash flow outside of my other investments. 

Of course 100 is just a made up number, it might be 50 it might take 200 in a complex area.

My goal is to do buy and hold deals with apartment complexes and shopping plazas .

With the development of the Reno Tahoe Industrial Complex companies that are moving here and will reach full employment in the next 3 year are Tesla, Switch, Apple, Amazon to name a few. 

I have approximately $50K available with which I'd like to purchase a multi family complex (up to 4 units), where I would live in one unit and rent the others.

If you were going to buy a 50 unit complex or bigger what type of deal would you wan to do.

Then the supply really increases, once you're in the market for larger complexes w/ 50+ units.  

A good friend of mine has been building apartment complexes for the past 10 years, and offered me the opportunity to join as a partner on his next project.