These are mostly lower end units in Memphis, $4-500/month, so I am mostly interested in low cost but functional window treatments.  

I like fairly modern (mid century or later) built-as multifamily properties that are functioning but value add.  

What I do know here is that the bank was offering between 4-5% on construction financing.So that being said, there are also a couple of ways the investment relationship could work:1) My investor functions strictly as a lender, using round numbers for example, let's just say he loans us $500k at some fixed interest rate over a period of time, and we make monthly payments to him over time.  

I know that any foreign national can come here & purchase land & real estate, but when it comes to either flipping or turning it into a rental property, keeping it operational & functional adds another layer of challenges complicating the matter further.

You will either have debt (which most people do) or  you will have used your own cash to replace the debt.You're absolutely right that this is a driver of the DST purchase function. 

It's only natural to desire a comfortable, functional, and aesthetically pleasing living space.

Through careful planning and execution, I enhanced its appeal and functionality.

I also improved the plumbing and electrical systems, updated fixtures and finishes, and incorporated energy-efficient features to enhance the property's appeal and functionality.

Once you have a short list, get an account with each one and run them through the wringer to see how they really function.

Right now I'm mainly evaluating the risk associated with partnering with a developer in this area of San Diego and risk is obviously a function of control, especially given where we're at in the market.