More likely, it is an inexperienced sponsor raising money from inexperienced passive investors (and experienced ones that opted to take the risk on an inexperienced sponsor) who got in way over his head and had no idea how to right this ship. 

I do agree that you need to go in person to see what is going on.

I would personally encourage you to use debt if you are looking to wait 3 years to get started though.

Did a "hard money loan" with family using gift tax exemption and trust as collateral (despite what Dave Ramsey says, my father and I have an incredibly strong investing and personal relationship).

However, I've been having difficulty renting one of the rooms because I've noticed some of the potential renters are either super particular, end up wanting to live on their own or with one other person (I have one room currently rented), flake, or come up with an excuses for not meeting with me. 

My best connections and referrals here in Florida have come from in-person networking events.

Here's why:Future Cash Flow: Once your debt is paid off in three years, you’ll have a solid cash-flowing asset that can provide ongoing income.Asset Growth: Property values, especially near a university, tend to appreciate over time.Debt Reduction: You can leverage the rental income to pay off your debt, essentially using your investment to achieve financial freedom.However, personal comfort and risk tolerance play significant roles.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

A lot of investors navigate this by using rental income to qualify rather than personal income.

So that is always dependent on personal emotion.