The most relevant exceptions are the last three above in bold.Theres a lot of noise about the topic and its very confusing but the above are the actual rules atleast regarding conventional fannie/freddie financing. 

It's a great strategy and you're in a great market to be in. 

You're going to learn more from actually purchasing this deal then you would if you would wait another 6 months.

In this scenario, typically, the actual LP (you, Cheryl) are invested in the actual offering led by the "main GP".  

Multifamily properties, like duplexes, can be particularly appealing because they allow you to live in one unit and rent out the other, which helps with covering the mortgage while also generating income.Another option is to invest out-of-state in markets where property prices are more reasonable but still offer great cash flow.

Marketing?

Look at their marketing strategy.

what are your favorite tools to discover and compare real estate markets?

Looking for ideas on how I should think about structuring such an arrangement.Reventure has suggested that Connecticut is the best market in the country for investing in flips.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.