It is an ideal location (close to downtown, med center, U of H) and there are many upgrades throughout the home.

In today's world you need to be about 28-35% down on properties to be gross cash flow positive, closer to 40-42% to be truly net cash flow positive(i.e 50% of your income goes to maintaining the property, other 50% is actually profit).My recommendation is to buy ideally a 4/3 SFR that's a starter-friendly one in a good area, and rent it out by the room.

Ideally this would be a multi-family property that I can live in and rent out the other units.

This option may not be ideal if cash flow would be so very small, or difficult to find cash flow property due to high interest, because if there it isn’t cash flow property loan won’t be approved. 

There are three items required to make a successful partnership - Time, Experience, Capital.If you are a syndicator, you are likely expected to have time and experience.There is a lot that goes into being a competent syndicator - Proper communications, finding a good deal, communicating quarterly updates, networking with lenders, contractors, PM companies.You can gain experience by doing your own deals or working for someone who does(Ideally both).I personally think you should cement your experience before worrying about OPM.Best of luck

. #1 seems ideal.

Three beers and six hours of folding can not be my life if I want to get to my ideal volume which would be around 1-2k per month once I'm able to afford the list and the postage. 

I will create 6 residential lots that I will be able to sell off and then, ideally, own the remaining property free and clear or close to.

If you’re after steady cash flow, buy-and-hold rentals might be ideal.

I figure my options are to sell and take a loss (not ideal), or preferably find coverage that allows or doesn't care about the K&T.