I'd highly recommend house hacking in your local market since you're in one of the highest cost of living areas in the US, especially if you're renting currently and planning on staying in the area for 5-10 years.It sounds sexy to go out and invest out of state for your first property.

I won't just write them all here but I highly recommend contacting a qualified 1031 intermediary to walk you through the process.

Does this structure make sense for investors, or would you recommend different terms to make it more appealing?

Here's some online software options that you commonly see recommended on BiggerPockets.

Quote from @John Fleming: I don't have any personal recommendations, but something below may help you in the search.Start by going to www.narpm.org to search their directory of managers.

I would recommend that you do your research and seek out the best property manager in your area. 

Any particular companies you’d recommend? 

I wouldn't recommend this for research purposes. 

Has anyone had experience using this financing, or can recommend a similar financing alternative without the overhead of joining an inner circle?

Pool heaters are expensive but necessary Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?