Your raise happens to be on the lower end of where such firms operate but certainly a plausible option assuming the investment thesis is sound & the GP checks out. 

We are currently in the final stages of an AI driven software that is going to essentially allow us to manage co-living properties effectively, without any of the staff or operations typically needed by rental properties.

For new prospective investors who have more money than time, I think this might be a better first investment than trying to be an out-of-state landlord.You do all of your vetting upfront—of the operator, the asset, the loan, and the area.

However, don't discount the value an organized and knowledgeable GC brings to your job site and mistaken the value they place on their time for a mark up on materials.  

Do you guys operate in North Carolina?

@Ryan Kline You either have a balance sheet we all envy or you are an individual who has no confidence in their ability to be a good real estate operator.

Also, this creates misalignment of interests as the deal unfolds.3) Check the details of the operating agreement.  

I now operate Iron Goat Home Services as a General Contractor/Handyman.

Like any other system these days it has a lot of features but I use it mostly to organize my data.

Don't get ahead of yourself or buy a 2nd property or take on too much debt until you have a better idea of how to operate a rental property and how much it costs, or if being a REI is even for you.