I am an investor who primarily buys distressed apartment complexes.

Again this seems very high.Also, my internet is in and out, so apologies for the delay in responding.Monica:The above illustrates why I say CAP rate is misunderstood and misused.Firstly, the CAP rate is a meaningless metric on a residential property (1 - 4 unit, including condominiums).  

I have even considered starting one myself given the complexities of the RE market in Detroit neighborhoods.

@Adrian Zarzycki I am pretty farmilar with this complex, I just bought one in October.

My ultimate goal is to drive by an apartment complex or hotel and say "that's mines :)" I would like to buy land and develop on it.  

(Keep,in mind he may have hundreds of clients and all he has to sell is his time, which is finite, and his expertise, so asking for both without remuneration may run afoul of the norms in professional services)...the BP cpa and tax folks are most gracious and I hope they get some leads from their free work here and they may have spoiled us taking on complex, tricky tax questions for free in real time (but note even they have been quiet lately probably buried under 2015 taxes)...Maybe see if you can work out an hourly rate for questions and consulting in addition to the return fee if you think it may help the relationship...

I have to think of the easiest solution dealing with complex problems where both the parties ( buyer and seller ) feel like they get value out of a transaction.If a broker/agent is competing on " how low can you go " with commission they have not set a difference maker in their business to set themselves apart.I gladly take 3% on a 5 or 10 million deal but I provide specialized services.

Afternoon,We are in contract for a 12 unit complex built in 1968.  

I'm sorry if any of this gets long and drawn out, as it's a pretty complex situation.

I do think some people will buy this and may even do well at it, but some of these folks could't follow the simple math of a basic RE deal yet looked eager to shell out $30,000 in financed tuition to be taught significantly complex transaction like lease options, short sales, tax liens, etc.