Pick something that fits your style and investment of both time and money. 

I have three children and have been married over 20 years as well.

My wife and I own it together, but i may be able to buy her out and keep it as a short-term rental without spending all my personal capital.I’m looking for advice on financing options, buyout strategies, and any creative solutions others have used in similar situations.

I always love to see the positive attitude - that's half the battle.

Have yourself own an interest in the LLC, and have another entity you control own an interest and be the manager.  

We've worked with local banks and been able to finance the three we own without any issues.I don't necessarily know if it's "beginner" investor friendly but you'll learn everything you need in the bootcamp which is the gold standardWe get loans with 3-7 year balloons and 25 year amortization typically

Quote from @Scott Cash: I'm part of a three-member LLC that owns a $10M commercial property outright (each holding 33.3%).

I collect both a security deposit and purchase a damage protection waiver.

I would like to purchase a three or four Plex and live in one of the units.I understand I can use an FHA loan or conventional loan with only 3 to 5% down in order to get into the property however I live in a very expensive area and the properties I am looking at are currently 700+. 

Are you looking to get into residential flips and BRRRs or commercial?