Probably the simplest to get started might just be a promissory coupled with a joint venture agreement.Here in Chicago that was the first way I took private money. 

As long as one can meet the requirements financially and they are jointly responsible for the lease it makes no difference if the other one is a stay at home Dad, in which case he'd have zero income.

We don’t have much if any capital to get started so, after doing research we’ve seen that it is possible to do it with no capital whether it be through private/hard money lenders or joint ventures with other investors.

@Dravus Myrscha Property values rarely go up as fast as rental amounts.So, the 1% Rule usually only applies to average valued properties, not high-end or above average.In your case you need to decide if you want to have an easy Class A rental to DIY manage, has low cashflow, but potential high-for-the-area appreciation-OR-Sell, realize $250k individual or $500k married-filing-jointly in tax-free sale proceeds as it was your primary for at least 2 out of last 5 years. 

I started with two 12 units joint venture deals in late 2020, closed on a 30 and syndication deals in 2021 and just signed a PSA on a 281 unit deal in my hometown of Greenville SC.I write this to say mentoring is a big help and it is possible to systemically with purpose and intention move your syndication business up the ladder.

Get an attorney involved to structure this deal- what you need is some type of joint venture deal outlining all the terms

Additionally, “investor” hours do not count toward material participation hours – such hours include: studying and reviewing financial statements, searching for new properties, education, preparing summaries of the finances or operations, or managing the finances of an activity in a nonmanagerial capacity.If the taxpayer holds an interest in a real property trade or business through a limited partnership interest, the taxpayer may establish material participation only by satisfying the first, fifth, or sixth tests of the seven tests from aboveA married taxpayer is required to count any hours performed by his or her spouse, even if the spouse does not own an interest in the business or if no joint return is filed.

Possible to open a joint account?

Like what is the path for moving this money....sending to the bank account associated with the joint LLC for this partnership?

Would you consider doing a joint venture with a seasoned condo developer who has done plenty of boutique project like this?