Building small units in small counts is expensive development.  

Smaller deals may sound "small" and yet they can provide a great deal of experience.4.

.- As already stated, you'll have a small portfolio.

(So unless they sell for much more than they paid they will only get a small percent of their down back, especially after selling costs,) but you did say they were getting a discount.

So when you hire that able handyman and give him keys to all of the apartments and the security codes without learning that he is 90 days out of prison for breaking and entering and committing assault and kidnapping your umbrella coverage may not help.And, these days, a million dollars of coverage will deal with the contents of a small truck that you sideswipe and it bounces around a little with the electronics inside.

Often $500 + a small percent of the listing price. 

You might find it useful to attend a meetup or two just to learn how other folks got their start into the industry :) I host a small/intimate meetup once a month in LIC, check it out here: https://www.biggerpockets.com/forums/521/topics/1214850-meet...

Although most such fund operators only deal with accredited investors directly, you may also be able to find some among the crowdfunding sites.  

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Our long term plan is to ease into real estate investing or being a small landlord with minimal headaches or complications.