100+ units as first real investment property
Question is, is a 100+ unit apartment complex to much for a first investment property? Technically not my first deal as a landlord (had 5 SFH rentals in the last 10 years). I am also closing on a 4 plex this month. I'm Considering a much larger complex that would need cleaning up and much more attention than the current owners are giving it. The size of this project would require me to quit my current job and manage this thing full time to turn it around. 100+ units, $3 million, probably $1M in maint and repairs needed. Also, what would be the best way to structure a partner on something like this? Talked to a few banks and they will consider 70-80 LTV so I would need 500k-1M to make it work, and they want a partner with large apartment complex experience. And tips?