Another option if you both have self-directed IRAs is partnering them together. 

Other options?

I would highly consider house hacking if that's an option for you. 

Hi Brittany - @Samuel Eddinger provided you some great options for meet ups!

Thus, when the loan comes due, the property could easily be worth less than the loan amount, leaving the owner with very few options, none of them good.  

If you want to house hack, the best option in DFW right now is probably to buy 4-5 bedroom home and rent bedrooms. 

Here are a few ideas that might help you navigate this situation:Explore Financing Options: While you've mentioned not being keen on a second mortgage, there might be other financing options available.

Disclaimer - I am not an CPA or attorney but I became financially free doing this for myself after 10 years working as a w2 engineer :( and I am sick and tired of seeing highly educated and hard working professionals getting stuck in the rat race because we deserve financial freedom and the option to do more with it.If you are able to implement a real estate professional status tax strategy (REP) you can use passive losses from syndication deals to lower your ordinary W2 income.

I would really appreciate any feedback on options that may work in this type of arrangement. 

He has a ton of units in and around Worcester and in similar areas and is licensed and able to help find off-market and on-market options where you want to look.