(Basically the same thing @Luke Moses said, just expanded

Sacrifice and save while learning the basic principles of RE.

Chances are she'll be in the Assoc of Realtors anyway (she is required to do so if her broker is) so it's basically just what she decides to make of it.  

One risk factor to be aware of is that you will basically have close to 0% equity in the property though in the event you should decide to liquidate you may have a hard time getting out of the deal unless you have a plan to force some appreciation quickly. 

I kind of stick to the basic principal the institutional money( hedge funds ) purchased in a and b areas.

These units are relatively basic, they have individual room baseboard heat systems and wall mount air conditioners (1 each), so not nearly as expensive to replace as a normal HVAC system.  

I see a lot of people ask really basic questions like "how much cash flow per unit is good" but don't specify the condition of the property, price, or location.

The best quote that I've gotten is 9%.Basically, Dodd/Frank prevented lenders from securitizing and selling those loans, so they must be kept on the books.I'm assuming since you have four families involved that you would need some sort of entity to hold the shares, and that's going to make it difficult to find financing.

A JV is basically a partnership and no securities license is needed if only between 2 parties.

You are attempting to answer basic questions with your research:1.