REI approach is easily scalable.    

I would never own rental properties in my personal name.

Some will shed most is not all of their rentals and just do lending .. personal choice.. some things to keep in mind ONLY do first loans. 

(2) Ask for a Personal Financial Statement?

In particular, now I make sure I can talk to the person who will be my direct contact at the company.

I'm willing to help this person in any way I can.

You could use an LLC, Trust, personal name, etc. 

Unfortunately experience means you've made some costly mistakes :-) So, to avoid those costly mistakes, when I take on a new approach in investing, I buddy up with someone that already has experience doing them.

Everything in tax depends on the personal situation. 

If not, you’re probably better off with a more conventional approach.