Question is when deal is divided between limited partners($ investors) and General partners (realtor + mgmt company with not single $ invested) Deal 70% Limited partners and 30% for General partners- with 6% preferred on your share of invested dollars which general partners will not collect however, will divide NOI (70/30) with you getting your shared percentage investment (lets say 15%) of 70% on yearly basis; and later on sale of property (70/30) again. 

We want to purchase our first investment property, preferably a multifamily, and house hack to build wealth.

Hi there my name is Mike and I am going to be a first time home buyer.I just got half my inheritance and want to acquire a cheap condo/apartment preferably under 100k in Dallas-Fort Worth, TX.

Id like to get into real estate, preferably into rentals first than flipping.

@Wayne Brooks is correct that selecting the right, reliable contractor (preferably a Certified 203k Contractor) is crucial. 

. +1, and with the current COVID situation we've seen more demand than ever from parents who are scared to have their kids live in the dorm and prefer them to live off-campus.

Did go through a period in the past in which I was doing it and I still hold a lease option so I would be more than happy to line a buyer up preferably with cash. 

Me, as a wholesaler, of course, I prefer a buyer who is all cash, since lenders can make things very complicated and potential de-rail my relationship with the seller if the buyer blows out due to lender issues, however if it's more of a hard money/private lender who has lended on these types of properties before and realizes things may not be perfect, then I sometimes will allow my buyers to use a lender, however then we have to do an Amendment/Addendum to the contract that the seller has to sign that acknowledges it changing from an all cash deal to one with debt, which so far I've been able to finesse sellers into.

If you had to spend $2M in the next few months, preferably retail assets, what tenants or asset types would you pursue or avoid? 

I'd prefer to invest closer to home, where I can drive and see the property before buying and make ongoing maintenance easier and all that.