Anyway, my best CAP rate estimate for you, assuming tenants cover electric/gas/internet, and you pay around $200/mth in water/sewer/trash, $180/mth insurance, your operating expenses for the year are $15,780 bare bones, and making your net rental income $6420.

There just aren't enough comps for multi-family in the area to drive the appraisal price we needed to cover the remodel and pull our money out, it also pushed the loan price to a point it would barely cashflow. 

Unless there is a paper trail of active participation between your broker and his ex (your client), you should be on a 70-30.

Now even though you can't actually buy property now, you can still participate in the REI sphere to gain more experience/knowledge.

For instance we just purchased 49 units and initially it was on the low end of our criteria (just barely made it) We then ran a proforma with the improvements we thought we could bring and it now easily meets our criteria.

I think being strategic, not getting overleveraged, you will be able to participate in any decline in prices. 

The best value to rent would be 1500 for bare minimum - and no room for mom when I come to visit :-).  

Been leaning towards that area, it definitely feels like the Triangle area is bare of good deals. 

Are they all material participants in the activity, do they have other offsetting passive income, just looking for clarification?

Here is a helpful piece about documentation: "Some websites sell certificates, registrations, and licensing documents for assistance animals to anyone who answers certain questions or participates in a short interview and pays a fee.