Your best bet is to learn all you can from the members on BP and even better would be to get a few BPers together from your local market and start a mini mastermind.

Since you have no money and no credit, your best bet is to bird dog for an experienced investor in your market.

I bet you not many real estate coaches say it wasn't them, it was their students who determined their success.Myself, I've gotten incidental mentoring here and there just by networking and right here on BP.  

Is anyone aware of the legalities, pros/cons, of this both for the two scenarios below - assume both parties are trustworthy long term..Married and separately owning assets, house in one name, other assets in the other nameOr, single and putting asses in another family members name.

But I totally understand the $ and bet carpet made the most sense for your price point.

I'll bet you already have a "team", your attorney, CPA and stock broker, most likely.  

Is working out a lease option my best bet?

Modesto is probably a safe bet.

Engage in conversation at showing, specifically watching for signs of trustworthiness.4.

Fannie/Freddie:   Despite all of the talk my bet is that they are not going anywhere.