This is because the sale process affords the more natural process of being able to undertake customary diligence with contingencies, obtain financing etc.

I do agree that having a clear timeline and budget is vital and am actively doing my due diligence with researching that subject.

What documentation do I have to do during this 1st part of my acquisition before I do my whole due diligence?

No different than buying an existing building you should be conducting diligence.

If not, you two are going to buy something out of state with no experience and take a dirty bath.Thank you for your response.I know I have to do my due diligence but I just want to get ahead and get in the game as soon as possible.I did think about house hacking a multifamily but as you mentioned about California, I've seen many people suggest not investing in Cali and I'm afraid that the leverage of the 3.5% down payment would be too big for me to handle the big monthly payment.I've seen a lot of people invest out of state by forming teams, but is that not a viable way to go about investing in properties?

Just like anything it comes down to doing your due diligence and inspecting the property before you buy it so you are aware of the age of the capex and all the mechanicals. 

I want to assess independently before reaching out and doing further due diligence with experts. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Syndication failures could be a failure of the real estate investment despite diligence and competence of the sponsor, or a failure of the sponsor when there is no real estate failure.

It sounds like you have done your due diligence.