I'd agree with @Wayne Brooks that is sounds like something made up to sell classes.Many states require a mortgage broker license to broker loans. 

Let's explore some effective approaches for managing investment properties:With a Property Manager:Screening and Selecting Tenants: Entrust your property manager to handle tenant screening, background checks, and selection, ensuring reliable renters for your investment.Rent Collection: Property managers can ensure timely rent collection and handle any late payments or lease violations professionally.Maintenance and Repairs: Delegate routine maintenance tasks and repairs to your property manager, who can coordinate with contractors and vendors to keep your property in top condition.Tenant Relations: Property managers serve as the primary point of contact for tenants, addressing their concerns and ensuring a positive rental experience.Lease Enforcement and Evictions: Trust your property manager to enforce lease terms and handle the eviction process if necessary, following legal procedures.Financial Management: Property managers can handle financial tasks such as budgeting, accounting, and financial reporting, providing you with regular updates on property performance.Without a Property Manager:Self-Management: Take on the responsibility of managing the property yourself, handling tasks such as advertising vacancies, screening tenants, and collecting rent.Outsourcing Specific Tasks: While not hiring a full-time property manager, consider outsourcing tasks like maintenance and repairs to trusted contractors or service providers.Utilizing Technology: Leverage property management software and online platforms to streamline processes such as rent collection, lease management, and maintenance requests.Establishing Clear Policies: Set clear policies and procedures for tenants regarding rent payments, maintenance requests, and lease terms to minimize conflicts and misunderstandings.Regular Inspections: Conduct regular inspections of the property to identify maintenance issues or lease violations early on and address them promptly.Building Relationships: Maintain open communication and positive relationships with tenants to foster a sense of community and encourage better care of the property.Whether you choose to hire a property manager or manage the property yourself, effective communication, attention to detail, and a proactive approach to property management are key to maximizing returns and maintaining the value of your investment.

Sounds like you (or prior owners) failed to mitigate damage by allowing this to occur over a long period of time.

Raising capital sounds easy, but it's not.

So how does that sound to you?

Sounds like you have no skin in the game, so it would be tough to find a partner that would take all the financial risk. 

I've asked for any documentation that these 2005 Rules & Regs were rescinded, changed, or no longer in effect. 

Regardless of the reason, the delay in investing actually creates a compounding effect impacting one’s potential ability to reach the full investing benefit.The easiest way to understand this is by looking at the Rule oF 72.

I just sold my condo in San Diego and the agent was required by law to explain this in the sgining agreemnts somewhere.It did not effect the resale and sold right away.

It sounds like you went through a lot with this last project.