Give them a return that they are comfortable with and terms that you both agree on, and then go from there. 

I underwrote multiple scenarios and am comfortable with the economics since he's doing all the day-to-day.  

1) It is hard to say which strategy or financing to choose but I believe the first step should be getting pre approved and seeing what you can afford and start narrowing down your options maybe you can’t afford large multifamily or don’t have the capital for a rehab on a BRRRR so something like a single family or small multi family would make more sense. 2) Figure out what strategy you are comfortable with, you mentioned you had a wife for example, maybe house hacking a duplex (living on in unit and renting out the other) will be more comfortable than house hacking the basement of a single family. 3) As for financing, get pre approved see what you can afford and maybe you only have enough for FHA 3.5% down and closing cost, I don’t know the Spokane Washington market.

Moreover, the "projections" that turned you off of past deals you'd reviewed are entirely invented... they can be made to say whatever will get you comfortable enough to send the money. 

It also help comfort people.

I also have invested on the north side of the city in Albany Park and Irving Park neighborhoods because I was comfortable with them after having lived there back in grad school. 

It allowed me to get my feet wet and get comfortable with real estate as an investment. 

One you have to be very comfortable doing.

Make sure you’re comfortable with all the terms before diving in.

To me, this would have never been the conversation a few years ago when rates were more comfortable for the average investor (likely 5% and below), but it is the reality we are in now!