I doubt it was actually live.

In reality it is costing you more. 

Is it imperative that I actually go see the property before I close on it?

Then reality hits and you find yourself in over your head.

It's people like you who cause folks who would actually benefit from an ESA to be painted with the same broad scammer brush. 

But the answer for everyone may differ.Here are the personal attributes I see in those able to achieve a higher than market ROI, enough higher to be able to “scale”.1- Knowledge of real estate principles, real estate law and real estate finance2- Minimum 3 -5 years full time, or near full time experience directly related to real estate investing3- Ability to utilize technology for increased efficiency, capacity, and accuracy4- Excellent hired legal counsel and excellent hired marketing help5- Established method(s) of obtaining consistently high QUALITY deal flow6- Ability to manage and choose people who are NOT employees: Attorneys, Appraisers, Mortgage Brokers, Real Estate Brokers, Title Companies, Surveyors, Marketing Specialists, Accountants, Contractors, Consultants, Property Managers7- A VERIFIABLE track record of success8- Ability to identify, analyze, and negotiate a deal that can be “worked” for “enhanced” ROI9- Some type of competitive advantage; for example for me it’s my ability to analyze and identify mortgage loans that are actually less risky than all other lenders believe (on the investing in debt side), and on the real property side it’s my ability to analyze”pull the trigger” with LESS information than other investors need,  combined with the ability to pay cash, or raise significant capital almost instantly as well as being able to obtain loans at the lowest prime customer bank rate with no recourse or personal liability.  

The reality is the land has value.good luck

Looking for any input or advice on how this strategy actually works.

Not only do they not repay funds, they claim we owe them additional funding for renovations that never actually happen. 

But to start with MF that seems like a pretty heavy lift for these folks.Of course you can teach theory but then you have real estate reality..