If you are able to connect with others who are invested (such as through this forum), perhaps a group of you could get together to file jointly, and split the cost. 

Potential outcomes include develop and hold/rent, lease to developer, and joint venture.

Section 121 Exclusion: You’re also eligible for the $500K exclusion (if filing jointly) under Section 121 since it was your primary residence for two of the last five years.

We file jointly, but I want the investing to be my business in my name.

Joint Ventured with a few partners to get this done.

Main thing for you is: - Have both you and your buddy talk to the same lender and get pre-approved to understand down payment options and what your combined budget would be- Decide how you want title held (joint tenancy or tenants in common) - do a google search on this to see which option is best for you guys- START SHOPPING!

Some investors I talked to are doing MTRs and STRs (this seems challenging with competing with all the other AirBnbs in CA), some are trying to do a Joint Venture and buy multi-family. 

I din't have enough capital to start on my own, so I partnered up and did a few joint ventures, sprinkled in some seller financing, and then syndicated a couple of deals, only to return to joint ventures.Pick a strategy, then a market, then start to network with all the brokers in the market. $400k is plenty to get started.Gino

You do not need a  mentor program, see if you can attend a  few meetups and then do a Joint Venture or equity deal with one of the investors there  and start from there.

Yes, you can file jointly if you or your spouse qualify as a Real Estate Professional (RE Pro) and share the benefits.To qualify as an RE Pro you must:1.