I can understand it if it was a sales brochure, or if was a promotional material, that was indirectly a sales piece.

The PPM is set up to protect the promoter and not the investors.

This is way more than we need to live because this is about $20,000 or more more than we lived off of last year because of promotions and pay raises at work.My options: Buy a house (multi-family hopefully) before this goes down and force her to live with me because I would have this house?

First, they tend to have very high fees, promotes, etc. compared to syndications and accredited investor REITs.  

Howey Test:An investment of money has been made,In a common enterprise andThe investor has the expectation of profits, which profits are expected to arise solely, or substantially, from the efforts of the promoter or third partyIf those answers are "True" you have a security.

Obviously, sponsor gives up the lions share of equity, retains “promote”.  

Cheyenne is probably the most diverse town in WY especially as the state capital. 

@Tyler MulcahyThanks for your reply and for pointing out something I should have stated.Goals are to build passive income and build a diverse portfolio of single family / multi unit rentals as a buy and hold strategy We would like to create great cash flow to provide us the freedom to not have a full time career and accomplish this over the next decade We are interested in the BRRRR process rather then the financing option because we had the 2 options I mentioned to work from So far this was our thinking

So I am promoting her all over town, so make sure she gets her discount back in spades.On the buy side, man, that's tough. 

But generally, I would consider the health and diversity of the local and regional economy as a greater factor in investing than the size of the market.