The key to investing out of state is finding a good property manager.  

Note I am not stating margin is as safe as mortgages.  

I am a small out of state investor with a few single family rentals in Cleveland suburbs.

Eric,, I think why people go for the fund model is the idea that they are spreading their money into multiple notes being held by the company.. while in theory this is great but as you noted you don't really have any security compared to being the beneficiary of the debt instrument IE debt is in your name. 

Yet their website stated that they crowdfunded AND VETTED commercial mortgage loans.5.  

It is nice of the state to mandate that flippers do this.  

Talk this over with a lawyer because under current state law, you will not be able to evict due to the cold.

Aside from being licensed in all 3 states what else should I look for in a good quality agent? 

It's one of the hottest markets in the US right now with so much population growth, job growth, and companies moving/developing here (26B Intel headquarters being built here, 68K+ enrollment in Ohio State University, Amazon, FB, Google, Honda, Nationwide, Anduril, etc.).

Good question - when Bigger Pockets leads reach out to us via out of state, we first define your specific goal with the BRRRR and talk through specific cities/areas that could lend itself to accomplishing that goal.