we did the first 3 in a 18 month period we used internal funds so no debt.. these were 350k to 400k all in projects.. so U need cash to be a spec builder or you need investors if you dont have cash..

Any existing debt?

Debt is rarely a factor in their issue. the ultra wealthy I know  with a few exceptions have very limited debt.. to no debt. 

I have started investing for a few years and had some good results with a few GPs but even those GPs who had been coaching other people had really bad results this year (mainly no distribution).

The loan to value that you can go up to will mainly be determined by your age.

Less risk as far as a debt note, that's true, but debt is not the only risk to be managed.

Thing is, I will need to go DSCR loans from here on out or just stop buying new real estate altogether.I would say the main risk is being aware of the prepayment penalty.

Or buy and force appreciation or buy and paydown debt with cash flow..

On the other hand, I feel one of the main advantages of passive investments (via syndication/crowdfunding) is that I can hire a manager who has years more experience than I can ever hope to obtain myself.

Short term it is difficult to make the numbers work, the cost of new construction and the time it takes to zone-plan-build are usually the main reasons why private investors stay clear.