This will be a lateral transfer for my day job and will put me within striking distance of (what I think are) my target market(s).

I personally like investing in B and C class apartment communities in high growth markets (population and jobs). 

@Ryan BehnkeI would say it depends on where you want your rental properties to take you (is it a side thing or your full time job?)

@Itua Agbi Do you have a job you’re able to save money with?  

That paint job is pretty epic.

We had moved to a suburb of Richmond from Texas for a "dream job." offered by a friend who had a start up business.

Also on whether to retain the tenant or get a new one, it's almost always in your best interest to retain a tenant once you factor in loss of income b/c of vacancy period and then construction period for new tenant), legal fees, broker fees, etc. 

From what I know, the common process of financing in the real estate development is like this:https://cdn.corporatefinanceinstitute.com/assets/p...But what if a junior developer who has less job experience in this field than any others and is trying to develop a huge scale of townhouses?

LOLIf I were buying in a D area it would definitaly be a PM job.

If they suck at the job, you have bad results AND no rent income.