The downside is more maintenance and repairs, more toilets, stoves, water heaters etc...Depending on what your goals are for the investments and your acquisition strategy would point you toward one asset class or another. 

Everyone has different cash flow goals.

I originally was looking in the Midwest and different areas & I still am but, when I start thinking about rehabbing & working on a project, I tell myself I can easily drive 1-4 hours to check on my property PA because of the distance vs somewhere like the Midwest where it’s  super far.

There are loans that allow you to use projected short term rental income to qualify as well.

Involving counsel in the project early will lead to better offering documents.

In the event that you choose to sell, look into alternative real estate investment alternatives that fit your investment objectives or have a higher prospective cash flow.To obtain tailored guidance based on your entire financial circumstances and goals, speak with a tax counsellor, real estate agent, or financial advisor.Keep up with the current and developments of the regional real estate market.

Hoping this community will keep me accountable to reaching my goals. 

Good deals and bad deals are predicated on meeting your financial goals.

I'd be looking to raise about 2 million and would finish the project within 2 years, then i would rent the apartments.

Purchase price: $10,500 Cash invested: $113,000 New construction project.