@Wayne Brooks I think this whole industry of wholesaling and flipping contracts ( and we have beaten it like a dead horse)  but it really comes down to if you have someone file a complaint against you then I think most state's will take the position that your selling RE without a license if you are just tying up a property and then advertising it for sale.. with the only intentions to close on it is if you can find a buyer.  

I am a marketing professional, but a newbie in the real estate industry.

If not, working for someone in the real estate industry (loan officer, property management, etc) as Michele suggested is a great idea.Another way to do it without spending any of your own money is to use other people's money.  

I suggest you have a good understanding of the industry and the niche of any business before you just look at numbers and expected returns, especially since the historic numbers may or may not be relevant.

Louis.It’s actually a pretty sweet deal: close military family who take pride in executing the mission while looking out for each other; relatively close to several major cities (St Louis, Chicago, Nashville, Memphis), but far enough away to avoid the hustle and bustle; easy access to many outdoor activities; growing tech industry, close to five excellent transportation routes (the Missouri and Mississippi Rivers, and I-70, I-64, I-55); and an exciting baseball team (I’ve drank the Kool-aide and am now a solid Cardinals fan).Talk about Location!

Spreadsheets will tell you what to do from there.As for the PM....yeah i'd replace them too.        45k investment plus maybe 5k in damage/treatment isn't a horrible deal.   

Quantifying it with a level or saying low/high would relate it to a property which has more than one occupant which can include office, retail, mixed use, light industrial, etc not just multifamily.  

Next to a university, a hospital, a new headquarters, a new oil industry expansion....

Is this something new in the industry?

Talk to your lawyer about your specific situation but generally the jurisdiction of your fund will be a natural result of the structure you choose and where you and your investors are located (in some industries it might be focused on a global hot spot for the industry).