You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

Why not do a cash out refinance on one of these deals?

I plan on holding this home long term due to the low interest rate (2.75%) and renting it out long term to cash flow and build equity simulataneously.

You will be able to take advantage of it in a SDIRA if the syndication also has taken on debt and therefore passes UDFI on to your account. 

So on a 12 unit, I would keep an operating cushion of roughly 24-30k. 

My spouse and I purchased a home in Nov 2023 (that we will move into in about 1.5 years), that has an additional 2 bedroom apartment and 1 bedroom studio on the property.

@Sharad BagriI would open a bank account at a local bank or credit union that will lend on the properties you are buying.

I was the highest bidder and only bidder on a property on Hubzu. 

No one can answer questions like this because the strategy depends on the investor's level of interest, financial framework, location, and many other factors.

@Arron Paulino you can find some great information online (youtube) from Pace Morby on this subject.