I personally don't see the value in this exercise as there are opportunities for different strategies in any market.

So, one spouse would have to take a bona fide “silent” role to achieve what you are asking, assuming both are owners of the company being taxed as an S Corp to my understanding

Being a profitable investor is a role you can perform largely alone but it will take you a lot longer and you probably won't be nearly as profitable as you would have been with a good team and it won't be nearly as much fun or as robust a structure as you won't have the under-pinning of relationships to catch you if you falter at some point and need support in one form or another.So - I would suggest you start working on your foundation stone.

What role does your investment portfolio play in your financial life five years down the road?

When I say active it does not mean you both have to do an equal amount of work but both of you should be on the debt and have separate active roles.

This is what dipped my toes into the water and taking the PM role.

The three different roles you mentioned can have three different ways of helping. 

-based Hispanas Organized for Political Equality released their “Economic Status of Latinas Report,” a sweeping study of the economic and political role of Latin women in California and nationwide.

3-5% of total project cost including land is standard for a smaller project like this.Hard to advise on deal structure without knowing who found and is leading the deal,  capital contributions, partners roles and goals etc. but generally pari passu is best with active members being compensated for time, travel and overhead. 

With the expiration of a moratorium, I would also exercise caution here.