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Yes.
Depends on your market though. You need scale to make it worth your time. Flip a $5mm house vs a $500k house if you can get the capital together. I think the sweet spot is large scale with light rehab.
Doesn’t seem very risky to me. Your risk factor is primarily macroeconomic if we go into a recession midst flip you’ll be stuck holding the ball. But if you’re doing quick flips vs ground up construction this risk is mitigated from a timing and debt perspective. You are buying the properties with non-recourse government backed mortgages at 80-what 97%? LTV. So your worst case scenario downside is 20% which isn’t going to happen.
Keep in mind with your apartment example I’d imagine it will be multi tenant and you will have expense sweeping 40%? Or so of your cash flow. But you will be getting the benefit of purchase price appreciate and the tax benefits of depreciation/1031 exchanges.
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