Also if it goes non performing then things can get extremely complex. 

We then moved into a townhouse complex where we currently are renting.

They have helped us with multiple projects with various levels of complexity.  

So I know the Apple complex should be starting construction somewhat soon, and that it'll be probably a 2-ish year construction time frame. 

Yours appear to be mixed use, with it's own complexities.2.

I feel like it would be perfect for someone remodeling a large hotel, furnished apartment complex, etc.

Are you buying a collection of condos in one complex (individual titles for 100% of the each unit) or are you buying a collection of partial titles (1 unit's title split into fractions where a group of owners will own the specific unit)?

I am considering a master lease option to purchase a large apartment complex.

I am considering using a HUD 223f loan to refinance a 100 unit conventional apartment complex. 

When purchasing an apartment complex with leases currently in place, is it better to start with all new leases or continue with existing leases until the lease term end?