Need input on potential deal and partnership

[Justine C.]

My Background - Bigger Pockets lurker, equity in my home, construction background, starting FI journey, husband needs a break from 30+ years manual construction labor, unfortunately (financially speaking) I’m  a late  bloomer. 

I am looking at partnering with my sister with the goal of 1) helping her to buy a house in a the Bay Area 2) tax benefits and investment opportunity for myself

We are looking at a couple of options - one is a house that shows up in the MLS "coming soon" - they are waiting on some windows to arrive (Covid supply chain problem?) Another option is a home that is either in preforeclosure or foreclosure - not sure yet

I have $ in a SEP IRA and will have cash in the next month or so. She has some cash but we want to use these wisely not just plunk down a large down. But without a large down, the monthly mortgage will be too much for her by herself.

my questions: 
Can she apply for a 203k, HomePath Ready Buyer and can I reap any tax benefits by investing but not living on the property? 

Can I use a SDIRA for my portion of the investment? 

How can we structure the partnership so that we both get what we need out of it? Split downpayment and mortgage fees?  

She’s living there and may stay in the home longterm.  What should we plan on doing in the next year or two? Refinance cash out? 

How do we structure an offer to combat the all cash offers from other investors? 

Nervous to dive into RE investment in such a high priced area and low inventory market. 

TIA!  Rookie here so I please be kind!