How much time / cash / other are each individual expected to contribute?

I prefer individualized service myself.  

You will be competing with people who have 'boots on the ground' and can visit any property owner with short notice.While wholesaling from afar is possible, it is recommended to begin closer to home.

I call the process "thinning the herd", and each year I evaluate the property performance and either take actions to increase the individual property performance or sell the under performer. 

go to all the networking events you can. get around like minded individuals. read read read. always take in good information. then take action. best lessons are from action.

I’m not sure if that helps.Why not fire the PM and get a new competent PM to fix this mess?

I look at every deal individually.

@Eamon Conheady - was the other lender a company or a private individual? 

Choose non-judicial foreclose states with pro-business laws like Texas and Georgia.I have several high worth individuals who fund rental RE in GA earning 7-8% APY on 5 to 10 year terms.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.