Cash-flow is for "keeping the lights on" as in covering operational expenses to defend against any need for additional capital investment. 

So, in theory one could get a 2:1 leverage, earning the rewards on $2 for every $1 capital spent out of pocket.     

If you don't care about income and are more of a capital gain kind of guy, prices are already high (as you noticed) and there's plenty of land available to buy so I'm not sure how much is left in the tank.

The only thing that might give me pause would be if I did not have sufficient capital on a building that was older but had appeared to have significant maintenance issues when I was looking at it to buy.

I hope to use private capital to fund the entry fees in second position.  

what's your intention for continually raising capital?

A great place to start would be a house hack, if you have more capital maybe a duplex, live in one side rent the other. 

Adding in paying off the loan with both return on the invested capital AND saving from salary is still extremely basic.  

For a DSCR loan you can be a first time homebuyer, we do a lot of these actually.We won’t look at your income, all that really matters is your capital, credit and the asset itself.

That being said, the structure will matter, especially if any Pref or cashflows to you are being structured as a return of capital vs distribution vs something else.