Basically, he is apart of a hedge fund who has a 10 year history of producing 15% average returns in managed futures.

Craigslist is also good (Search on terms like "plex" or "apt" or "unit" or "apartment", under Housing --> Real Estate - All).Perhaps also get to know a couple of Buyer's Agents.

I currently own and manage market rate apartment communities and am currently working on a large mixed use property (65 units/10,000 commercial), but trying to look for future projects to start in 2012.

Get a thorough property inspection. mechanicals and roof repair or replacement early on will make your numbers fall apart.

It's generally as cheap, a heck of a lot easier, and faster just to have someone do it.As for bookkeeping, collecting rent checks from my P.O. box, answering phone calls... those are all relatively little time with big rewards.I also outsource the tenant placing... 1/2 months rent ($200 - 300) is much easier than driving up 3 - 10 times to show the apartment.

Obviously you could charge higher rent for the 2 br if they were in the same complex. my scenario here would be 2 different locations.

His intention is to buy or build an apartment complex as the next step after a half way house.

Looking to purchase a few $50K-$100K apartments to rent out and slowly build a portfolio here in South Florida.

I was told by a mortgage broker that I will have to make sure the Apartment Complex has less than 15% of the HOA Fees unpaid, and less than 40% of apartments can be rentals (60% owner occupied).This criteria may be fine for some places, but what if one of the doesn't meet this criteria?

I completely redesigned the upstairs to an open floor plan 2/1 apartment.