This is especially true as you identify your target niche for investing (flip, wholesale, buy and hold, short term rental, etc). 

The target demographic is the next generation as people in their 40's and 50s already have bought their residences.

That is your target in rental income...

That opens up a can of worms with fair housing laws, but also gives me a chance to make sure everyone gets along and POTENTIALLY convince prospective tenants they wouldn't be comfortable so they chose not to pursue an application.My other way of preventing tensions between renters is to target my advertising.

I'm wondering, after using social media etc to search for potential partners to create a joint venture agreement to purchase and manage rental properties,,,,, when I do find a person(s), the real question is How Have Other Successful JVP's worked in the past when people live thousands of miles apart, and they really don't know each other.

Just get targeted in where you want and specific in your criteria.

Most syndications target and perform much higher than 4-6% returns and do provide you with depreciation.

The target property almost definitely has to be a value add minimally distressed property that can be refinanced after repairs, or just a fix and flip.

I think the potential problem I may have is finding a property like this in my target areas.

@Kyle Mccaw that makes a ton of sense and I think I would be targeting the same neighborhoods (balance of cash flow and appreciation).. it looks like you're an agent, are you showing any homes that fit this criteria?