It’s their full time livelihood to make transactions happen.  

Those should not need attention (in a perfect world) for some time. 

They'd be much better off being a Hard Money Lender and make 5 times that (and every repair to their "investment house" is paid by them...So, if you put $10k down on a property and make $150/month net cash flow your Coc Return (annualized) is 18% which is Very Good.If you followed that and understand it then keep looking for a deal.

Are they given a JV-co-GP position for fundraising or will they be involved in the management of the property?

First, in my opinion, being a real estate agent, you're either in it full-time or don't do it at all.

Since in the sponsor - investor platform the investor is giving up decision making to the sponsor, there needs to be a legal structure offering the investor recourse should the sponsor not act in the investors best interest, or prove incompetent to manage the enterprise.3.

I am so embarressed I am sorry, this is my first time.

This money would change my life but i have a hard time believing this.

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

Look for a team with a strong track record in managing rentals like yours, especially in your target area.