I underwrote a few properties there last year and couldn't make the numbers work, but my tolerances are tight.I love the area. 

Here is the mathematical equation:Assets x ROI = Cashflow > Expense BudgetHere are the steps:Determine you annual Expense Budget based on how you want to live.Example: $75K/yearDetermine your Return on Investment based on your Risk Tolerance.Your Risk Tolerance is based on how wiling are you to risk losing it all when it comes to your incoming producing properties to where you would have to go back to work.Use a scale of 1-100, 1 = cash in mattress and 100 = I'm gambling the rent money a the craps table.Take your Risk Tolerance # and divide by 5 to calculate your ROI.Example: Risk Tolerance = 50, ROI = 50/5 = 10%Income Producing Assets = Expense Budget/ROIExample: $75K/10% = $750K in income producing assetsFor real estate, Income Producing Assets = Property Equity, not the market value of the property. 

Less time suggests Buy and Hold vs Stock market index fund.2)  Risk tolerance?  

I'm not a fan of long distance investing as my risk tolerance is pretty low.  

You'll get an idea of my risk tolerance, what I'm comfortable with, but you'll have to convince me that I'm safe.

So, yes, you definitely have to assess your own risk tolerance and comfort level before deciding to go out of state.

No thanks, but this is actually a nice niche for a few wise (and tolerant) HML's.

Mostly because everyone on BP has really good advice but a different risk/reward tolerance as you -- and therefore you'll have to take everyone's opinion and then reframe it to fit your own risk tolerance.

make sure everyone involved has similar risk tolerance and approach to real estate investing.

Split 4 ways that would be $50k which is a reasonable entry point for some of the lower minimum syndications/crowdfunding deals.You do not need to pay someone to get vendor neutral advice, as there are plenty of sources where you can get a newbie introduction to the terminology, as well as learn how to do due diligence, and develop your own personal criteria that meets your own specific risk tolerance and financial situation.