Even beyond fire safety, there is noise, parking and traffic considerations. 

We feel there are safety concerns.

Sometimes people will state an objection to providing so much info before seeing a unit, but I explain that it is for my safety -- I'm meeting strangers often at vacant apartments, or in the case of an occupied unit, for my tenant's safety since they wouldn't want criminals going through their home.

Don't forget to make sure that the building is compliant with the city and has all the proper setbacks, egress requirements, bedroom sizes, fire & safety compliance etc. 

Once I realized the passive benefits of this model, I started liquidating my single-family portfolio and I have since converted nearly 100% of my portfolio into 14+ diversified syndications.

.  You may be able to convince one of them to have a profit share model. I

I’ve attached an office acquisition, IRR-based waterfall model I built using the Argus AE cash flows I laid out to underwrite an active OM, as a work sample.2)Hi Ray,I'm a fellow Boston University alum (2005), reaching out to you in the effort to build up my Orange County CRE network.I've heard great things about XYZ, and I would truly appreciate the chance to learn about your experiences there and how you got to your current position as Senior Managing Director.I'm going to be in the Newport Beach area all next week, and I was wondering if you might have time for a quick coffee chat near your office?

Many things can go wrong during construction, materials and labor could increase, problems with the city, problems with the scope of work, etc You could get your funding and not complete it leaving the lender with an asset not yet complete and thus, not the full equity safety cushion.Regardless if it is a bank, hard money lender, or private money, the money investor will want you to have skin in the game and have a safety cushion between work completed and work not completed.

The fact that they are giving you 10% down provides a margin of safety to you since they now have skin in the game.  

For direct ownership of real property - which often is time sensitive and generates a lot of transactions - the latter model is generally much more effective and efficient.