I have been able to do this for both purchases and cash-out refinances on multiple deals for clients of mine.Typically your max loan-to-value will be 75-80% LTV, but this specialized program will limit you to 10% LTV/LTC less than what you can traditionally do.

Likely I wouldn't have seen this if I haven't done multiple deals with this lender for myself and clients.

Any time you have multiple homes on the same property, you're going to have problems getting financing.  

Does our money get spread across multiple notes in a fund?  

A disadvantage to this type of investment is that it's likely your MOIC (Multiple of Invested Capital) will be lower than that of a common equity investment. 

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

Alternatives include Stessa (free) and Buildium (more robust, pricier).For testing, a phased approach is generally best.

Perhaps the SFR market is overvalued now and 1% rule is just a simple valuation tool like a P/E multiple in equities telling people to stay clear.       

I cannot qualify for traditional conventional for multiple reasons but the over 200 to 1 debt to income ratio is a primary reason.  

I'm skeptical but I'm willing to test the water to something small first.