I am going to beg you to not spend one single penny until you are 100% crystal clear on what you want to accomplish and what's keeping you from achieving that right now.I've known guys who dropped $20K and more on coaching programs and never did a deal.

That is a personal decision, but I look at it from the standpoint that I am there to accomplish something.  

There is always a "dance" that goes on between how much time you spend running numbers on a property you'd like to but don't control vs spending time to control a property you don't know is feasible.Aside from inputting data into a pro forma it is imperative for you to understand the development process itself which is accomplished by creating a critical path that shows the sequential order of the tasks that need to be executed along with their timing and the 3rd party players, functions and costs associated with doing those tasks.The combined information you get from the pro forma and the critical path are foundational in forming the agreement that secures the property which will be articulated in a purchase and sale agreement or in your case a JV. 

If the deal is not kicking off a ton of cash flow a pref will be hard to accomplish.

In anything we do in life we are bound to fail, what shows true character is getting back up and finishing what we set out to accomplish.

What I would like to accomplish is buy and holds for cashflow and eventually financial freedom.

It's tough to accomplish what you want with low income, but it's not impossible.

Hey @Keshia Romelus obviously there are obvious cons to investing out of your home town but it really depends on your goals and what your hoping to accomplish. 

Set a goal to do XX (Travel / Visit) as reward for accomplishing your goal of BLANK.Above all else, don't scrimp on investing in yourself.

One of the reasons you don't see me or my family taking over these properties :) I've talked to him as much as he will tolerate in regards to tax efficiency and potential options in regards to accomplishing his overall goal of getting out of the "landlord game".