If I had to choose, I would always prefer cold calling over texting for this approach.

It is very inefficient(as far as impact of the $$$) when the government uses the "my great idea" approach. 

Any ideas as to how I should approach.

Interesting approach.

What are some of the best practices for finding and approaching private money lenders?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

That rule was always more of a quick filter than a hard guide, and with today’s interest rates, it’s clear that the math just doesn’t hold up like it used to.A lot of investors are tweaking their approach—some are looking for higher rent-to-price ratios or shifting to more creative financing options like seller financing or adjustable-rate mortgages to help with cash flow. 

You'll see a lot of vans & trucks with no business names on them - these are the guys to approach as they're hard working and not spending money (yours) on advertising.Be prepared, most won't have business cards and may not be friendly.Persist and you will start to build your crew.

I do however agree with you that there’s no one size fits all approach and depending on the type of business that’s operated and location, the correct strategy may vary. 

We have opted for a hybrid approach - LPs who want to pay for access can get an exclusive network, privately discuss operators, privately review and see other LP reviews of sponsors, and discuss "red flag" sponsors.