Once you get that in place, then any profit you make will flow into your IRA and grow either tax-deferred or tax-free depending on the type of account you have.Keep in mind that there are specific IRS rules for holding property within your IRA that you'll need to follow, like how it can't be used by yourself or certain family members or that you can't do any renovations yourself as that would be considered "sweat equity."

That also gives me an exit strategy of sweat equity.

However, if you're determined to get a deal, I'd recommend doing a lot of the sweat equity and contributing a meaningful monthly amount to show your commitment to the partnership 

Put in sweat equity fixing it up.

Id take the money you have now and look for your first house hack use the money you have now and buy a decent multi that needs a little  work to build that sweat equity . 

House hack if you can, or partner by trading sweat for equity (find the deal, manage rehab, or handle bookkeeping).

Sweet equity is great but that is more your sweat not his.

Relies on appreciation for primary source of return without any means for sweat equity, just market appreciation.  

If you are not willing to spend time on the island, put in sweat equity, then PR is not the best place for an RE investor. 

While you stack savings, trade sweat for equity (find the deal, manage a light rehab, or handle books) and learn to raise private money with a one‑page story, clean numbers, clear protections, and steady updates.