Karina,I recommend finding a financial advisor who specializes in working with real estate investors.

They can help you understand the legal and financial implications specific to your situation, ensuring you make the best choice for your partnership.

Good for you - careful financial analysis of each deal is critical.

You and your fiance can do it together over and over (as long as you financially qualify and fit the guidelines)Hope this alleviates your concern!

Don't just settle for a 0% return, that's like buying a fancy car with no engine—it might look good, but it ain't gonna take you anywhere financially. 

And, to follow the lead of a newbie will surely lead you to increase risk and liability. 

Is this a do-able starting place financially, or a pipe dream? 

If you're running a regular LLC and the most you'll do is 1031 exchanges, then it might not be the best (financially speaking only) way forward as you don't need fancy advice.

Increasing unit number or using less conservative, or increasing rent numbers or lowering vacancy rate could be close to a 6% cap rate.The area is known as a tourist destination, is geographically constrained, has a massive housing crisis and isn’t expected to ever build enough housing to meet demand.

Always weigh the pros and cons of each option based on your financial goals and circumstances.