If you are able to find someone willing to lend you money long-term with a fair interest rate, that might be doable.

Plus collecting it by splitting it evenly can lead to the 2 duplex tenants getting into wars over who is using the most and if its fair. 

Risk tolerance is fairly low as I'm still gaining experience.So far, having trouble finding properties that meet 1% rule or seem to cash flow.

@Steven Olivasthe issue with something like that fund is that it's going to be fairly illiquid. 

Also I communicated with Todd (the owner) regarding no progress with tenants . 

I was targeting a 20/80 GP/LP with a 12-13% IRR with a 2 hurdles +14% IRR GP/LP goes to 30/70 +15.5% IRR GP/LP goes to 40/60.These will be usually 25 to 50 unit infill multifamily deals usually townhomes or apartments I would love the feedback  Hi Ken, coming from a drunk sloth level passive LP perspective, you have a fair approach, however the projected IRR is lower than most current offers out there so may be difficult to market to cursory investors, but your 80/20 is quite reasonable compared to most others.

I have communicated with many people there that also self manage and do very well.

It doesn't seem to follow your format as closely as I was hoping (I know it was developed with a fair amount of input from Bigger Pocketers), but it looks quite helpful in many ways.  

Are there creative ways to leverage that first property fairly quickly (within 1 year) to buy a second one?

Although the PNW I think that is generally a fair statement..