If you live in a community property state and are married, you own ½ of the assets that were accumulated during your marriage.

you may want to blend your portfolio or cash.some depreciable assets ( rentals)syndications  with a VERY good Vetted SponsorPerforming Trust Deeds  Be the bank NPN  funds  let the operator do all the heavy lifting in that space.stock market then see what performs and what you like.. 

@Eric Davenport Numbers should work for longer time, your goal is not for short term because you are short of assets. 

Investors in illiquid assets in fragmented assets can only hope to beat that average long-term. 40% down seems a bit high.

Lending is more better for sidra than owning a depreciable asset.. as the income is tax deffered so in my mind Notes are the preffered investment vehicle compared to buying the rental.. unless of course the rental has some big upside.For me personally I am all about PERFORMING first positions.. and have done about 1800 of them for sidra clients specfically over the last 5 years.... there is a certain niche and as described above you do need a few things in your note to make these comply with regulations but other than that.. go for it.. just use caution and due diligence.

I'm not an attorney but my understanding is yes, you can definitely do that, and I believe things like that happen every day.While I can see some possibilities for why someone would want to set things up that way, I do have the instinctual thought that it might be over complicating things.Technically the second LLC is another layer of asset protection, and maybe you have a very specific entity structure setup for taxes which would make it beneficial to do it that way (an LLC inside an LLC), but it's worth asking the question of whether these is much difference, or much more protection, than just having you (presumably a Mass. resident) be the member of the RI partnership LLC straight-out rather than having your MA LLC be the member.Also, depending on what else you have going on in your MA LLC it may be a disadvantage to have it be a member of the RI LLC from an asset protection perspective - if someone were to be able to pierce the veil of the RI LLC then everything in your MA LLC would be at risk.If you do go with the MA LLC as a member of the RI LLC, when you go to sell the property you'll have non-resident withholding - but you'd have that if you personally were the member of the RI LLC as well.You'll also need to be careful how you sign anything relating to the RI LLC - you'd have to be careful not to sign as member of the RI LLC but as member of your MA LLC, member of the RI LLC.

Im taking the pre-licensing courses currently to obtain my real estate license.

But it just depends...I am always in favor of controlling assets personally if possible...I don't know the numbers or anything about this deal, but it sounds like you've got a lot to think about on deal structure...if this is even a good deal.Just don't let anyone steal your deal if it's viable....lots of sharks with cash out there. 

I know the practical experience is better than any degree but I would like to obtain knowledge practically and theoretically

This should be heavily affected by what your goals with real estate investing are, what types of strategies you are hoping to deploy to reach those goals, what assets you are looking at, and from what position you are starting your real estate investing path!