I would tell people today that if you buy a primary residence expect to stay in that home for atleast five years, especially with a FHA loan which has lower down payment as the current forecasts for home appreciation or very low which with closing costs on the buy and sell, it will take several years to have equity in the property and enough to be able to sell, so that is something also to consider.

Would you mind sharing the cost?

I had to go that far away due to the insane cost of real estate in Boston, so I fully understand the predicament.

Perhaps if your partner was a general contractor or handyman type there may be some merit there to reduce costs / increase profitability.If your partner enjoys deal sourcing, a better move might be for him to become an agent - so he could legally collect commissions from finding deals and managing properties for multiple people. 

Talk to house hackers because that would be a great way to start, but you are also advanced with money so you may find smarter options that act more like index funds (syndications).Yes I was actually looking at syndications that was going to be my next research topic that seems extremely interesting and powerful syndication seems like an awesome way to diversify without getting my hands dirty necessarily.

WHAT IS A COST SEGREGATION STUDY?

It's completely legal, very simple but powerful.

But if borrowing costs remain high and interest rates don't fall as many people expect, cap rates will have to decompress further. 

One of the reasons I joined BP this month is to participate in a weekly connect just like this, as I know how powerful they can be. 

Building a Compliance ChecklistA compliance checklist is a powerful tool to ensure your properties meet all requirements.