A great ROI for a rough neighborhood is assuming things go smoothly, ie low vacancy rate, consistent rent collection, and normal maintenance/repairs. 

I find it easier to lump the operational funds together, it helps smooth out cash flow when I have a major repair or vacancy - the other properties carry the one with negative cash flow.

In terms of structuring, an issue that has come up is how do we handle the transition from holding one property to holding several, especially if the members of this business have varying levels of capital to contribute at different times. 

I'm like you, part time real estate agent with a full time job, investor for years before that, that got licensed to do more investing but found myself quickly falling in love with ALL aspects of real estate and then suddenly eXp became my path to transitioning to real estate full time. 

I am starting out to be a multifamily syndicator, how do I transition to be a developer syndicator.3.

You also need to be able to transition into long-term debt at the end of the bridge-term, and this creates more uncertainty, and therefore more risk. 

It rents immediately & we have not had any down time between transitioning tenants, many of whom come in on previous tenant referrals.

That is changing rapidly and people from larger metros are buying up vacation homes here left and right (myself included - we purchased one a year ago).Since SFH and Duplexes are basically out of the question, does a 5+ make sense in an area that is undergoing this type of transition?

That is what I have and I don't need anything to make it run smooth.

@Charles Carey The number one thing that people comment on their current PM (the one they are looking to transition away from) is the lack of communication and attention to getting things repaired.