Apologies for the basic question, but I haven't been able to find a clear answer online.

Geez man I hate to come down on you cuz you are in a situation , but you don’t even understand the most basic components of using the brrrr strategy .

Everybody wants the sexy high end of the market, everyone looks down on the low end and how many people are in it.All you really have to do to succeed in low-cost landlording here is to have the basic skills and time available to keep up the older, well-built properties.

I know several larger orgs that I invest with who will only work with Accredited investors via 506(c) but I've also invested on a few smaller projects that accepted Sophisticated investors, or non-accredited, via 506(b). 

I feel comfortable at least broaching it with her now that I can articulate at least some basic risk mitigation steps. 

I work on my own vehicle and am always tinkering with some sort of building project.

Take that money and you can:Flip - only if you know what you're doing, such as you're a contractor/handyman, or an architect or good at project management. 

It usually happens over the decades when a locality upgrades a computer system and/or they change their parcel number scheme and it slips through the cracks so to speak... or on lots that have been held for a very long time, ie pre-computers... there are these 1/8th, quarter or half lots that are basically not "buildable" on their own... they are thought of as attached to the parcel next to it that usually does have a structure of some kind, but they are taxed separately. 

What other opportunities would you be missing out on by committing your funds to this project instead?

I have received great private funding for basically any deal not to exceed 3M.