For what it's worth, I went through 5 different property managers in 2 different markets (one local, one out of state) over a period of 5 years, before deciding I would self-manage everything across both geographies beginning last year.

Obviously the dev here is going to be different just given the difference in geographies and an over lack of granite in the ground here, but theres an epic amount of projects going up here if you're interested in that kinda thing.  

You have your geography down, but how about your buy box?

It’s cheap insurance for a costly potential, depending on geography.

I personally like working with a broker because I know they are helping to vet the insurer and making sure that I am not missing key pieces of coverage.That said, from my understanding of the insurance markets basically different insurers like to spread their risk out across geography and asset class.

Additionally, a fund allows for diversifying much quicker into a larger number of notes (and which also can be further diversified by geography, underlying real estate asset type, strategy etc.)The downside is that the investor has to feel comfortable vetting sponsors (and not everyone does).

Just like you, she can do RE as a side gig and learn a lot more while she keeps her own nest egg going and her lendability strong with a regular job.You should loop her into a major document with all of the properties and all of the profit and loss and go through them one by one and talk about whether to sell or keep, and also base it on geography for her and your collective choice of management.

(sorry I don't know the geography in that area on anything about investing there). 

Sorry bud, but your reading comprehension doesn’t match my post and basic geography.

In fact all of our purchases have been 1st, and we are just now working on obtaining a pool of 2nds to work along side the 1sts and the seller financing that we have done.We went with assets we had connections with either via geography, or where we had 'boots on the ground' or team members to give us those insights into taxes, title and blight (the big three issues in notes).