Investment Info:Small multi-family (2-4 units) buy & hold investment.

I'm thinking of buying my first out of state rental.

Sell one and buy several.  

I was considering going into real estate investing because I would like to cut out the middle man ( the broker that is) lol and have some diversity with my license, not just helping people buy and sell houses.

The first thing you find out after you get licensed is that you don't know much that is actually useful when it comes to buying or selling.

Yes, if your partnership remains intact (how you sell is how you have to buy), and you structure it is tenants in common with the new ownership on the replacement properties. 

Amid the chaos of decision-making around buying, selling, renting, or rehabbing, investors often find themselves seeking ways to simplify their operations.

If I were you, I will buy a house with cosmetic work and learn the business first. 

Just bought my first buy and hold in Ferndale Michigan and it is turning out to be the best decision I could have made.

You might be asking the wrong questions at Fidelity (not sure if they do or do not allow this), but you aren't technically investing directly in real estate, you are investing in private equity partnerships that are investing in real estate.They might not want you buying direct interests in real estate, but are okay with private equity investments.