I am looking into a multi-family complex in my area.

They're mostly row homes and apartment buildings that have the condominium form of ownership, but not your typical condo development you're used to seeing.

Instead, most offices you find in the 1000 SF range are usually part of a multi-unit complex in a commercial area.  

.- Improving the property management of the complex.- Increasing income and decreasing expenses.I figure this to be a two year turnaround project after which time I will refinance or use the equity to help purchase another turnaround project.

Though our headquarters are in Sarasota, as an FSU alumni, I've kept two complexes under management in Tallahassee.

However, most mortgage brokers have lists of complexes that are warrantable and non-warrantable and will know right away as well.

What are major qualifications to purchase an apartment complex?

I'm also looking to pick up a small apartment complex within 6-8months. 

If I had to speculate I would assume it probably has to do with a combination of being more stringent on the rental cap due to FHA guidelines and their requirements, along with wanting to preserve the building's atmosphere of being a condominium not a hotel.

I do have a friend who just bought in Arvada and even in just a few months prices have risen 25-35% in her complex.