If one of you actively manages the property, pursuing Real Estate Professional Status (REPS) could unlock full deductions against W-2 income.

Having the right manager in small towns is challenging

Focus on smaller single-family homes, condos with low HOA fees, or multi-family properties in these regions, and build a reliable local team of agents, property managers, and other professionals to ensure a smooth investing experience.

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

Apparently, the person I am under contract with was managing the estate of the actual owner who recently died.  

If you are trying to raise a few hundred thousand to buy another 4-6 unit property, while I would not invest in someone with less than a year experience, I am guessing some of your pilot friends, other friends, or family members may be willing to chip in.Now, if you want to jump from a triplex to 80 units, raising 4-5mm of equity and another 4-5mm in debt, than I would just manage your expectations. 

If you can find an investment that pays for itself, you won't be so nervous about investing.I also recommend you educate yourself on how to manage well.

I almost exclusively sell bank foreclosures for a large asset management company, and I also do a lot of marketing for wholesale deals.

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).