As an lp you always want to read through the ppm, at first it may seem overwhelming but after looking through a few you learn what to look for,  as for capital calls you want to get a clear picture of what the capital will be used for and will it be enough to help the situation, putting more money on a bad deal may just increase your loss. 

They seem to have pretty solid auction data.

"It" has seemed to me to be a viral feedback loop of reinforcement.

These first steps have me on shaky legs, I'm just trying to navigate and find a good path.ThanksSteve, it seems you are in a similar place as I am, I am in NC not as expensive as CA, I am not looking to touch my 401K or IRA for the simple reason I have a retirement strategy that is going in the right direction, I would prefer to work a 2nd job before touching that money. 

Option 4 seems risky since you have more experience in real estate than the businesses you mentioned, and option 3 (airbnb) is going to require more work (possibly more risk) than option 1 and 2.

It seems to have the same tax effect.As an asside, as I passively invest in MF syndications, 1031 are technically possible, but unlikely. 

You just might want to change the order a bit in who you search for because good property management is much harder to come by and those folks seem to know the good realtors and other resources in the area you're considering. 

If I were to provide window units, it seems I should write "landlord." 

@Michael Campbellusing a private lender for the down payment seems inadvisable, and also seems like you will be negative on the deali'd save up more

It seems it is a gray area to the 7 lenders I asked.