I don't like that their website only talks about "project level returns".  

Investor Consequences: Restricted Cash Flow Growth: Investors may experience reduced income over time since rent increases are typically capped below market levels.

As a private lender myself, this is something we routinely fund in my markets because of this lower asset levels.

welcome to bp, your sentiment around leverage is 100% correct, and I'd challenge you to follow your own advice and use that leverage to put as little as possible into the real estate rather than the coveted "pay cash for it" or while one can pay cash, utilizing your w2 to refinance is a unique skill and ability you can have.house hacking in the mid west is where its at for sure.

What level should I start at?

Typical terms: Lenders might get 10% to 30% equity, depending on how much capital they provide and the project’s risk level.

By the end of my first year, I'd completed 10 deals and earned $73k.In 2018, I stumbled upon Todd Toback and his acquisition skills models.

You'll need to work with an agent who specializes or has some skill in this and who understands investing.

All bedrooms are on the 2nd level and there is a big open loft area with windows on 2nd level that's not used much now.

I'm in a similar situation where my split level basement has it's own exterior entrance and and glass sliding door. 1bed1b, kithen and laundry room.