Obviously you'll want to check the math on all of this before pulling the trigger. 

When a property is sold it triggers an inspection to get the property up to code.

Hey Michael, My understanding is in a preferred equity syndication, utilizing qualified funds such as those from an IRA or 401(k) can trigger Unrelated Business Income Tax (UBIT) when the investment generates Unrelated Debt-Financed Income (UDFI).

If both the mortgage and title are in your and your wife's names, setting up a multi-member LLC with both of you as members might help avoid triggering a property tax reassessment (some counties do that) since it shows continuity in ownership.

If you receive any boot (like cash or non-like-kind property), then some of that recapture could be triggered and taxed.

Some questions I ask myself before pulling the trigger:1) In 1 year, would I make at least double of what I invested into this- or any- coaching program?

I’m not sure when to decide that I “know enough” to make this kind of investment, or if I should continue educating myself before pulling the trigger on a property. 

You could talk to her and ask her once she's caught up if paying half on the 1st and half on the 15th is easier for her, but they MUST be paid on time.This may sound harsh, but you said "She has 3 children, and he bailed." 

If you feel they're being too harsh, think about their intent.

You wouldn't sleep in the middle of savannah, exposed to all the animals and harsh conditions with assumptions that lions, wolves and coyotes are your friends.