What I don't like about it personally - this seems like a very risky move.

While there are definitely benefits to running a fund, it's tough to achieve success with funds as a beginner because oftentimes investors are attracted to the track record of the person or team running the fund. 

Personally I use RentRedi (free with BP Pro) for management and Zillow for applications and screening.

Also, what others have said, the personal touches on what is in your place (e.g. providing all the essentials instead of having people buy TP, coffee, shampoo, etc.) and the quality of those items (no tattered towels, stained sheets, etc.).  

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

I personally do have experience with renovations, and being a landlord and have done a few flips some went well and some did not and I have learned some valuable lessons along the way.

Instead of having to enter personal info and upload an image of your driver's license for each Reporting Company, the Individual FinCEN ID allows you to input your personal data once and then link the Individual ID to your various Reporting Companies. 

Depends on the person, but as a professional real estate investor it would be a no brainer for me.

Quote from @Nate Meeker: Great insight, I am personally choosing not to file these for clients, but am providing a free guide to help them.  

The main person I talk with just changed shoot me a DM if you want!