[lgas]

I am not an expert, but I think I can address your specific question re. purchasing an apartment complex as I've been looking into the same thing recently.

The "default" way to purchase an apartment complex would be to get a loan from a bank that is in the business of financing these types of deals. From what I have found, most banks that finance these types of deals regularly will use the cash flow data from the commercial property to back the loan, meaning that you will not necessarily be personally guaranteeing it. This is good, since most budding young real estate investors don't have the type of credit required to get a big loan like this, but it's not as wonderful as it sounds... there are two big caveats. First, the bank usually wants you to put 10-20% down so you have some skin in the game, and second they will only do deals where the cashflow is really good (although this is good for you because it means it will be harder for you to put yourself in a deal that screws you if you go this traditional financing route). From what I understand they like to do deals where 50% of the net profits will cover the debt service.

The alternative way to purchase something like an apartment complex is basically the "creative REI" route which is limited only by your own creativity and circumstances. The simpliest example would be doing an owner finance deal where the current owner carries a note on the property.

Hope this helps.