I hired a contractor to do part of some renovations on a 40 unit complex.

The complex was originally a heavy value add project and it seems like they've done a lot of work on it (and it's evident), but it strikes me as strange that they wouldn't be documenting the work for an eventual sale.

Now you're looking at a combined $300-400k equity and you can buy a nice size building/complex.

Lots of folks with deep pockets want to buy 100-unit apartment complexes. 

House-hacking does come with complexities from a tax standpoint.You purchased a property that is both a personal residence and investment property.Some expenses are personal and non-deductible and some expenses are 100% deductible while others are pro-rated.You likely want to work with a CPA.

What is a good cap rate on a 20 unit apartment complex close to 2 universities in a highly desirable and rentable area in Nashville, TN?  

An apartment complex has big advantages over single family.

After much research and putting in offers on multi family properties, we (wife and I) finally have a deal under contract, a 14 unit 1 bedroom complex.

We are looking at an 8 unit complex to purchase for a long term buy and hold.

There are two other apartment complexes that are sold out.