The live in flips and house hacking can get challenging if you and your wife are already comfortable in a nice house (especially if you have kids). 

Unfortunately, the areas you're targeting are a bit beyond my expertise/comfort level.

If you feel more comfortable in a smaller property in a real nice area then go with that, just make sure you underwrite it extremely conservatively.

When investing with a partner other than my wife, it must be in an LLC and the loan would also be to the LLC, and then my business partner and I would split ownership of that LLC based upon our respective input and responsibilities (which may or may not be 50/50).I'm not comfortable owning any investment property in my personal name (although I do have a few), but I certainly would not do so with a business partner...

Your location may also be decided on the home value that you are comfortable with.Once you decide where, mix a couple different lists such as Absentee, Seniors and Low Financial Stability Scores.

@INgo SchaerIn general it is good idea to use transactional funding; as few title companies and under writers are not comfortable doing pass through or assignment of contract. 

They are not designed to be living  space so they pose problems with electrical as well.

They are comfortable with assignments and double closings though. 

Look for special designations like RMP and MPM, Master Property Manager

However, I do operate these in rather competitive markets where design is really important and having a "cool" look is a must.