IE hey I can sell your complex for 15 million.. that's what they lead with NOT hey how much are your rents.. to me that would come last and in due diligence.I followed a linear path to you when I came to Oregon SW Wa and was buying timber rights and timber land.who was my target market..  65 to 100 year old owners who had lived on the land forever..

I have been closing real estate transactions for 30 years and have assisted buyers in purchasing 1 unit up to multiple apartment complexes.

Doesn't seem like a complex roof.

Would it be better to get a 4-plex (or similar) and waiting to get to buy a small apartment complex or going straight for it instead?

Are you purchasing complex properties?

@Brian Adams In your opinion, would it work for a passive investor in a syndication on an apartment complex, in exchange for the money invested receive the syndicator's portion of tax write offs for the project instead of return of capital?

Depending on the size of the apartment complex, an LLC could have negative financial benefits. 

I would love to build if I could but it just seems a bit complex for me.

I also should mention that it would be for a complex with weekly rentals.

I often say yes, submit my low bid, and later receive a letter saying it doesn't meet the reserve price.There's an auction held at a condo complex where I previously bought two at auction.