I'm a Loan Officer and Real Estate Investor in Colorado, California, and Hawaii.

I have a parter who was a GC up until 2008 and is now a supervisor for a mid size construction co. 

- Could that involve co-signing a mortgage (or something like that) with someone else who fulfills the residency requirement? 

We simply called the listing broker and told her (A) we're cash buyers, (B) we're licensed realtors, not looking to co-broke.  

I gave my $300,000 move-in ready beautiful vacant home to this large well known local co in Oct 2016.( Ive owned and self-managed another very similar rental in the same subdivision-- since 1998--and it has never had one day of vacancy in 16 years-- rented at $1860.This professional pm co put all utilities in their name on my new property and turned the hot water heater ON and the Water ON ( even tho the main water cutoff valve is easily accessible in the coat closet beside the garage.They let the property sit VACANT OCT-NOVand on their "routine inspection on Dec 1, to make sure hobos had not moved in" they SAW the water heater in the garage was spewing (at full blast) A 20' stream/ fountain of HOT WATERand that the entire finished closed garage was covered COVERED !!

In terms of ideas for truly passive investments, I have taken a keen interest and made multiple investments with a firm that offers interests in co-owned portfolios of 10 SFR in the midwest.  

Sometimes the water co will give past history, sometimes not.

Co-ops with no flip tax or condos -- all in estate condition -- JUNIOR 4's that you can convert to official 2 beds and add a bathroom; pre-wars where you can rip down walls to make a more open space; everything in estate condition of course.

In California any of the attorneys I work with and get referrals from would not co-mingle a purchase with a client.I also read in the comments the term SKIN IN THE GAME.  

2 co-owners (on title as joint tenants) to a residential property market valued at 218k in equity with no current mortgage, one co-owner wants to buy out the other co-owner for half of the market value at 109k with 9k down.