Some food for thought questions that went through my mind as soon as I read your post:[1]   Are there other C, C+ homes and apartment complexes in the very near area?       

Great question, that structure can work, but in practice it gets more complex than “just put it in a trust and you are done.”You have to look at: who’s the trustee, how distributions are handled, how the trust is taxed (non-grantor rules), and how financing/title is handled when you buy/sell from the trust. 

First off I think it's a great deal but I could use a large complex owners eyes to make sure I'm not missing anything.

The more complex your offer the less likely they re to accept it. 

I live in North Dakota, and I came across an apartment complex for sale in one of the state’s oil-heavy cities.

http://m.news4jax.com/news/eureka-gardens-concerns-lead-to-inspection-sweep/35615660

if you do that, can you do the cost segregation for the new apartment complex you buy through 1031 exchange?

In our Co-Investing Club, we all have access to bigger projects without needing to put up all the cash ourselves.Breaking into larger apartment complexes really comes down to vetting operators and deals thoroughly.

If my partner and I purchase the complex, do any finances with the complex transfer over to us?

On paper, they looked like a strong borrower, but the tax-return complexity from multiple businesses made things messy.Here’s what ultimately worked for them:✔️ Used a closed-end second to tap equity✔️ Qualified using a 1-year P&L instead of full tax returns✔️ 738 FICO✔️ 81% CLTV✔️ $225K loan amount✔️ The lower-documentation structure brought DTI from 61% → 49%, which finally made the renovation feasibleWhat stood out in this situation was how alternative documentation options can make a real difference for people with layered income or complex business activity.