Next question is how much equity exposure will the investment have?

The non-profit really has the best built in liability protections.Owning properties holds different risks than being a lender, but if you actually lend, you have almost as many issues (and much more compliance) than owning properties.You need to assess what you will be doing and identify the types of risk exposures you will assume, avoid and insure against.

If you are concerned about the exposure then you should look into ways to legally store that money in an entity with little liability until it is needed for investing.

To me, it seems as though you have much more credibility, visibility, and exposure as a licensed agent, whereas as a wholesaler you really have to jump through hoops at times.

I love and eat up cash flow in my lower-income neighborhoods in the Bay, but building up square footage and overall leveraged RE asset exposure is important to me too. $10/sqft adds about $50K to my equity right now, and growing..

I think your biggest exposure is on the rehabish side.

I limited some of my exposure in a couple of ways. 

Going out of state has its additional hurdles and risks but I have clients that hold a healthy schedule of real estate out of state and do quite well.It really comes down to your current liquidity constraints and what out of state markets you want to get exposure to.  

Before you act, I would consult a competent attorney so you know your exposure.

@Steve Vaughan  lots of factors for the commercial banks.. regulators might have told them to reduce exposure to real estate.. so there goes your refi.. bank could have failed.. ( this happened big time) in GA 450 small banks failed in the GFC big player buys all the loans for pennies on the dollar and you are not getting any love from them pay them off or they foreclose.. saw that more than once.. regardless of what the asset was or was doing.but lets remember 08 to 2010 hopefully was a once in an investor life time situation... but it can happen. your smart to limit your exposure to those types of loans..