It allows the sponsor to buy and sell real estate within the fund as well, maybe doing multiple smaller deals.

Then, if you can trend over time you'll want to see where the "path of progress" is going/moving and attempt to buy in that path of progress to gain some appreciation in the future.

Dial in your buy box, then be swift/actionable when ready.

And where can I buy it? 

If you plan to buy in your hometown, buy a 2-4 unit, and live in one of the units.

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

if there is appreciation, but you wouldn’t sell your current home tax free and buy a neighboring home to rent out, (There by raising your cost basis for additional depreciation and lower capital gains tax.) then it probably doesn’t make a good rental property. . 

You don't need a conventional bank to buy a property.

Buy some books and start learning how to manager your property now.

Are you buying amazing deals or are they closer to market value?