It's the small, locally operated banks and credit unions that have the ability to make decisions in-house, they don't have to conform to a set of standards written by someone at a corporate office. 

Spell out in detail within the operating agreement of the LLC what happens when this happens, or when that happens.

Once you understand how your SD market operates as I do in my SJ market, you will likely not going to invest elsewhere. 

You don't NEED a real estate license to invest, but you do Need a good education, however, having a license IS a better way to operate in real estate and I highly suggest getting one especially in the beginning. :)

While I don't quite have the down payment amount saved up right now, I'm hoping to team up with my family (1 aunt and 1 uncle, they both own rentals) in some kind of joint venture deal where they bring a larger percentage of the down payment funds to the table as silent partners and I manage the logistics of the deal.

The count can be used to pull our license to operate rentals. 

I retired from the military and currently work for a big retail chain in the logistics department but I'm looking for ways where I can do REI full time.

Having my wife with her License allowed for me to learn more about the logistics of things.

If you're really looking to just place the capital and have nothing to do with the decisions or operations, you're really describing more of a RE hedge fund or other professionally run fund that targets a certain geography and strategy.I know of one local to me - minimums are in the low $100k's range with minimum 1y commit and bonus payouts for larger amounts and longer commits.

:You need to get 3 years of operating statements and a historic rent roll.