As @Maxwell Manatt points out- does everyone know their role and what is expected from them - because unperformed duties do not raise someone to the level of a sponsor/issuer and may create the presumption that the specific person is indeed an investor who actually purchased a security. 

If you lurk these forums for other discussions about and see lenders talking about it, then you know at the company level who offers it.

Everyone has different level of comfort and different strategies works for different people.In general, Raleigh is getting hard to get a good cashflow and prices are pretty high.

Are you happy with that level of growth, I am curious as to what your expectations going into it were.

They currently own a 5 br/2ba house in which they rent out but on the same property they have an apartment building in the back 2 br/1ba and on the top level n probably can turn the bottom level Into 1br/1ba.

Not enough space here for the explanation, however I will tell you that it involves what Einstein referred to as the "greatest invention of the 20th century"....compound interest.

I believe your "time" is one's greatest asset!

Is it crazy for me to purchase this building, even though cash flow checks out, due to the level of maintenance/upkeep/rehab that will be needed?

Anything you find is going to be either so high level as to be meaningless or paid content to promote a particular provider. 

That is where your efforts will pay off the greatest.