I want to get started the in the way I want to operate in the future, and I don't need more work to do anytime soon.

You and your wife could house hack, live in one unit and let the other tenants pay for your monthly mortgage and put some cash in your pocket.Even if you do choose to move away or renew your contract and PCS, you now have time to start finding a good property manager to handle the day to day operation of the property.

I met with an operator that has three 4 unit properties (fully rented) this morning.

I finally found a good one, he was small 2 person operator...so he didnt have a lot of overhead to "bloat" the price of the project.

We all must start somewhere and must prove our ability to operate in the space.

You mentioned on hand reserves and that is an additional amount that is also raised upfront. 3 months of projected operating expenses and debt payments is typical for stable properties.

You need to look at the HOA bylaws/operating arrangement and I expect they would be available for any listing. 

They operate like a broker (lots of outlets, which means more programs than a bank and often lower rates), but they are the direct lender (which makes them a bit easier to work with and more predictable/reliable compared to a broker). 

@Gary CliseleNote funds are an excellent way for an investor to invest in notes, in a truly passive way, while leveraging the experience, expertise, and relationships of the fund operator.

We operate a PM business in Columbus, Oh.