The model you should go with will ultimately depend on what the group is optimizing for (cashflow, appreciation, tax optimizations, diversification, and maybe even a little bit of social value doing something fun, potentially lucrative, and unique w friends).  

That seems to be extremely unique in today's environment.But if you're looking for more tenant stability, some of the options you listed might be a better fit. and don't see it talked about a ton here (that may be a good thing)

Do just want to reiterate that this will be very regional! 

An example in my experience would be a local/regional foundation with a mission that is aligned directly or indirectly with Affordable Housing AND a longer-term investment horizon with less of a focus on the financial return and more on the "social" return for the community.

You could also look into regional banks or credit unions with experience in real estate development for middle-ground options.If I were you, I’d spend some time shopping around for the best rate/terms.

We are all confused about what role a private lender plays, so here is a quick and dirty explanation.Unlike prime lenders (ex. big national and regional banks like Chase) that underwrite both the borrower's ability to repay the loan and the collateral (ex. real estate), private lenders make lending decisions based on the collateral. 

(Using house hacking strategy)I would love to receive feedback regarding this region from more experienced investors.

What's unique about my property is that it has an Arcade Room with Pacman and streetfighter arcade machines along with a popcorn machine.  

From what I’ve heard, there are reputable local management companies in regions like San Antonio or Omaha that handle everything from screening tenants to arranging quick repairs.

You'll meet a bunch of fellow capital region investors and people who can help.