In order to secure a developer's fee you would need to do another round of tax credits (syndication) which is not unheard of, but generally only makes sense if the property needs substantial improvements.

You need to find distressed properties or distressed situations or both that will allow you to buy at a substantial discount vs. full market.  

If they need substantial work, Are you able to fund doing rehabs (or multiple simultaneous rehabs) if tenants leave?

That should cover a substantial portion of your PITI. 

Attached units cheaper than detached, kitchens have highest cost, bathrooms have higher cost than other footage, yards have costs, etc. 4 units renting for $4k is going to have substantially higher cap ex/maintenance cost than SFR that rents for $4k.  

I would say that real estate is the more proven investing method, but as you all said with the numbers the way they are, it's a lot easier for these groups to emotionally feel they are taking less risk if their rent is substantially less than a mortgage payment would be.

At only ~100 a month cash flow, the slightest mistake sets you back substantially.

@James Wise Well I dont have my own jet yet😩lol but I make substantially more than the average 9-5 employee.

Banks won't even approve these loans because the DSCR is horrible, usually under 1 substantially, not sure how anyone gets a bank to support these deals currently, which is why a lot of them probably do sit on the market for a long time.I think the commercial bubble is very real as cap rates being lower than interest rates normally can't work well unless I am coming in with all cash. 

Your story is just 1 clear example of 1 detail that would take 15 seconds to complete, and how missing it is going to cost you substantial sums of money.