I could buy it now but then I would be thin on reserves and renovation funds for the one I have not closed on yet.

Screen tenants thoroughly, have a solid lease, and maintain an emergency fund for unexpected expenses.

Most out of state investors are better off just acting as private lenders, buying low cost index funds or keeping their money in HYSAs.

You can't commingle funds. 3.

Once the funds are up and they can't repay the loan(s) back because offering free services are just enticing new investors that do not have a real system setup.

My wife not comfortable putting our house as equity, therefore we are utilizing other options to fund investment properties. 

While the property's location was desirable, it was evident that the house had been neglected for several years.

For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

Whether you've lent money for an individual project, or you've invested in some sort of fund / group, I'd like to hear about your experience! 

-> Funding: you can consider as options mortage brokers who can scout/compare the best offers in the market and you can also consider public funding programmes that exists as an incentive to renovate and bring houses to the market, either for tourism or traditional rental.As an example, on the traditional rental there is a funding program ("Arrendamento Acessivel") that funds up to 90% of the project and can be used to cover part of the renovation costs, as well as, part of the purchasing.