Also, tenants don't tend to trash nicer places so the wear and tear can be measured over decades, not years. 

The two common choices for doing so are the self-directed IRA and the Solo 401k.The Solo 401k requires self-employment activity, but will allow you to take participant loans while the IRA does not.A few other Solo 401k benefits:Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)With either structure, it's generally recommended that you do not commingle retirement and non-retirement assets.

I have studied many types of Equity structures in a syndication scenario with various types of preferred returns, equity hurdles, and more, however I have not been able to find anything about how a sponsor can buyout the equity limited partner in a long term hold scenario.

Give there is Limitation, but it works for most of the investors. 

The federal tax law passed in December lets many pass-through entities such as partnerships and sole proprietorships deduct 20 percent of their “qualified business income,” with some limits.

Living in California, the annual assessment is limited to a ~2% annual increase, so the assessed value is not the current fair market value.Thanks!!!

I had a certain amount of money to invest and a net income target - also wanted to limit my leverage. 

B) if there are any limitations ?

My choices are limited to a few locations and I will move within the year.

Unless this is in a really nice area, my limited understanding of Kansas City is that you should be able to find higher returns.