These can be both hands on opportunities, as well as something simpler like reading and deal analysis.

The concept of house hacking is simple.

If the strategy is to try to tell the bank that it won't cost that much to rehab an old home, then you'll likely confirm what they suspect.Instead, your best bets are 1.to move forward on a simpler deal or 2. buckle up, hunker down, and do your homework on this property. 

Thanks, good legal overview of the concept, but a bit broad... 

The over-arching concept is to have a LLC or similar that my wife and I own but would be able to partner with other investors on different properties under that LLC.  

This brings up the concept of a "Geographic Bachelor" where the service member lives away from their family either by choice or the orders being "unaccompanied."

Might be more helpful if you viewed getting into REI in similar fashion you would consider investing in an IPO, I think you may find the vetting process's very similar in concept. 

@David FelicianoIt’s the same concept as if you were flipping properties.  

And the loan method plays heavily into the concept of not using your own money to fund a business.Hope this provides some base of understanding. 

But they can be harder to gain that initial trust.You're on the right path and I think that once you really delve into the realm of loans, once you get out and start talking to loan officers at various lending institutions, you'll quickly get a grasp on the vernacular and the concepts.