Payroll, bookkeeping, etc can mostly be done remotely.

My employer has given me the option to be on payroll or to be paid as a 1099 contractor.

Most of our investors were accredited, but it was a 506(b) offering open to sophisticated investors, too. 

Thanks Rick for the info I did run into the loop holes you were speaking of i had came across a rental property through a chapter11 bankruptcy attorney but it wasn't enough equity to do the deal ,Not to mention out of a 156 unit property 51 were vacant the owner had missed payroll 2 months straight, The owner was motivated to sell but not at the price i was looking for.

Looking at syndicating an apt complex, I'd like to use rule 505 rather than 506 in order to allow a few investors that may not qualify as "sophisticated."

You could take a loan from a 401k which you'd typically pay back through payroll deductions over a set amount of time (loan to yourself).

With kids heading to college in a few years, I’m definitely at an age where I can’t afford to make the same mistakes twice.I'm not that sophisticated.

I would skip IRR as i doubt any duplex investors will be sophisticated enough for an irr analysis.

In my experience cap rates in core markets, like LA and New York, may apply to smaller properties, but may not apply to small properties in other markets with less sophisticated investors. 

You have to do some initial work (should be under 10k) and are limited to mostly sophisticated investors.