not sure if your staying in WA with no state income tax.. but a lot of the folks i know that are high net worth invest in tax free muni bonds  AAA rated.. rates have been low but they are rising.. might be worth talking to your broker about.I would diversify.. and NOTES  would be a nice way to go for cash flow as well just get with a great HML there in seattle and let them place your loans for you.. lower your rate so you can cream the borrowers... if the local HML are at say 2 and 12 put your money our for 9 but be ultra picky.. risk of loss remote.. hassle factor none .. fun in looking at potential loans off the charts.. and return great.. the thing about pooled investments is just that your one of many if they go TU you stand a very good chance of principal loss... so if U went that route sponsor is CRITICAL and I would limit your investment with them to no more than 10% of your portfolio.. at that point principal protection is utmost not necessarily return...  

You put them all on one lease and make sure it holds them jointly and severably liable.

Listen what I would do is drive around the neighborhood you can afford around 6pm if the bus stops have lots of people making there way from work there is one money to be made and two a community of decent ppl there I'm not sure if u have children if not living in a bad neighborhood isn't always as bad as it seems besides the money you collect in a year or two may propel you toward your real aspirations faster than not making the move and no matter where you buy your choosing the tenant so set a base line of what you will and won't accept and stick to it people live in Baltimore, New York, New Jersey all places that once where **** holes that have taken some major steps toward change but more importantly they made a big bag of money from those horrible hoods

There's a reason why ppl sell and to whom they sell if you need a quick fix because your wife is leaving u and you would have lost the house and your "status" among ppl, for doing so maybe the option given makes since 

If you owned the house for 2 out of the last 5 years and lived in it in 2 of the last 5 years, and your profit did not exceed 250K (if single) or 500K (if married filing jointly), you will not pay capital gain tax.  

Our offer is either as a consultant, or we can look at a joint venture.

After closing, myself and brother (his children) are quitclaimed and added as joint tenants (lender is fine with this).

Also, each joint venture will be different.

I would buy if u considered long term

In one breathe you do not want to be a sponsor or managing member but in another you are not wanting to be a passive investor in a larger syndicate.It sounds like you do not want to to work for the yield a sponsor gets but want more return than a passive investor gets as standard investing in a syndicate.Sounds like you are looking more for a joint venture arrangement.Brian Burke is out that way and a member on here and he does large multifamily syndicates.