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Is the rent likely to be proportional to the sale price compared to higher levels?  

If I were to take this $$ out as regular W2 income, the tax rate will be 50% (CA + Federal).  

Some background about me: I have a full time insurance sales job, so I will most likely be using a property manager (unless you suggest otherwise), I've never rented property before, so I have 0 experience being a landlord.

I don't have any real estate experience but I do have a decade of management, customer service and sales experience.

My concern is if the properties I am financing are involved in a cross collateral agreement that relates the apartment sale, and there is some kind of default, would the bank be able to step in (because their agreement precedes my first trust) and prevail to recover the properties that I have the first trust on?

Sales are strong, especially for 1st time home buyer properties.

From years 3 - 5, the general partner is looking for an attractive exit (sale) take the profits and reinvest into the next value add opportunity.  

We're entering the winter sales season are you prepared to hold until spring?

As the clock was ticking, after talking to an investor friend of mine I decided that I would just get a regular loan myself and fix these issues after closing.