I've read stories of investors who wired money, were told the fund was closed and offered a prom note alternative. 

The other alternative is to raise capital and be more of a fee developer, at least at the start.

Can anyone recommend a good alternative to Quest Trust Co, now known as Inspira?

Alternatively you may decide not to address the capex but be prepared to deal with high frequency maintenance requests with duct tape repairs. 

Wagner - you have offered alternative on the 2 properties I had with you which i waited for 2 years and now it is almost another year and there has been no updates from your side or any help to expedite.

An alternative investment would be a doubling every 7 years

Alternatively, some purchasers want to control the process in return for more certainty.For a non-delegated correspondent loan, the loan purchaser will get involved and direct all processing decisions.

This would help us benchmark and explore simpler alternatives while understanding how complex the structure mentioned above truly is.I assume they are not actively managing their business?

If anyone found an alternative that you're happy with, I'd really love to hear about it!

Alternatively, do you think it might be better to use the 200k to make down payments on higher-quality homes, i.e., ones that are almost rent-ready, and finance the remainder of those purchases with DSCR, etc.?