I figured this would be the perfect place to connect with like-minded people, get advice, and explore more resources to guide our decisions. 

I figure the ones over 50 or 60 years old have already had all the big ticket items replaced.

The flippers who COULD handle the volume that a flipping fund would allow them to take on, don't need a fund, because often times, anyone flipping at that volume is already making close to 7 figures a year, and wouldn't want to keep splitting it.Alternatively, I, personally, would not invest with a flipper that hasn't done it, a lot.   

@Martti Eckert here's the big issue that no one really talks about that you hopefully find helpful (this is copy & pasted):-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I compile the list of only properties that can gross six figures plus and with prices under $800k.

All of the tools that you use to try to figure out if a potential tenant will be a "good" tenant revolves around trying to answer those 3 questions.

I figured calling would be easier, and they said I can't transfer the title or they will call the loan due.

One thing I’m trying to figure out is how to find good locations where property prices are relatively low, but rental demand is high.How do you identify these areas?

When I'm figuring out how to price an Airbnb I always cross-reference AirDNA or PriceLabs to get an estimate on what the income would be.

I should have figured out it was a scam because of every reason you listed.