They don't allow auto payments or automatically add late fees, and tenants would have the option to pull their payment back, which is not ideal.

My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).

I am conflicted on whether to use the 500K on one big property (ideally multi-unit) or buy several smaller properties.

Plus, you get amazing appreciation potential due to how much population growth, job growth, and companies moving and developing here.

That's what separates the best real estate agents who represent investor/developer clients.

How much cash is ideal to have on hand when starting out?

PMs should have the widest network of contractors, knowing the good from the bad, better pricing, insights into rental rates/ condition of rentals to not over develop your unit.

I'd love to find some other people who are currently invested with Fairway America and - ideally - in this exact investment.Thanks,Matt BrownFairway has put out a ton of deals in a variety of real estate asset classes and strategies.

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

They develop, they build, they finance, they property manage, they will have HAO, cleaning crew etc. etc. etc. so the subsidiary companies make money every step of the way.From investor perspective: The investor pay $15 K to reserve the right to purchase 25 multiplex over the year of next 5 years. 5 each year.