I feel pretty okay about it, but it's partially about your comfort level and risk tolerance (and probably the value of each property).  

For my own sake I wouldn't be comfortable walking away without at least 20-30k in personal liquidity in a 4-5% credit union acct.

A MLO license is not a CA broker license, thus, it seems a licensee with only an MLO designation wouldn't have access to fractionalization. 

I was still looking for homes I would personally be comfortable in. 

They are very knowledgeable regarding fund design but mostly act as a high priced facilitator to connect you with securities counsel.

I will however need a design review for a long list of reasons. 

If you are crushing it with smaller deals and find comfort and ease and low ROE (Return on Effort), then stay the course.If you want to scale, you may have to find a partner to help with capital and balance sheet.

Certainly open to other ideas and strategies, it would just require additional diligence from my end given my level of comfort and expertise would be lacking in other areas.

Parents recognize this and are comfortable/agree.

Unfortunately, this is the primary reason I do not use third party vendors for rent payments, and I have posted on here a few times about this (usually when someone posts about a fraudulent clawback), despite the throng of enthusiasm for the continued use of these methods.Each one of my tenants is given a pre-designated bank account (idenitifed in the lease) to which they deposit rent.