Assemble a good team.

The biggies include the lack of control over the properties as a Sponsor (not you as the owner) will assemble a team of professionals to run the properties. 

I also rarely see them at sporting events or kids' assemblies because they can't go.

You will have to assemble it yourself, but it usually takes no more than 1 day for one person. 

Essentially, if you invest with the eyes of an underwriter and know how to assemble info about the deal (data-drive info, not smack: photos/video, sales comps, rental comps, cash flow summary in case you can't flip it, comprehensive rehab scope, security instrument samples and default steps for the lender to feel safe (define the worst-case scenario), your experience/bio, etc.  

Is this ever done with the lead investing none of their own money, but getting paid purely for assembling the deal and managing it?

Invest out of state (but only after I was 100% confident in the team I assembled OOS's ability to execute the entire process of locating, evaluating, closing, and managing my investment)With that said, there is a fourth route that you didn't mention which, at least for me personally, is far more preferable than the three options above.

And the Division of Housing and Community Renewal has set up a toll-free hotline, 1-844-736-8435, that can be used to report illegal conduct by landlords during any lapse in the rent regulation law.Cuomo in a June 6 guest column in The News said he wants to see the rent law not only renewed but strengthened — something sought by Assembly Democrats.

Have you considered using mulled window assemblies?

Or just negotiate for an option to buy that is good for the amount of time it will take you to save up for a down payment. 2) You could bring in a partner and form an LLC to buy that property and many others depending on how many partners you can assemble. 3) You could direct mail market or contact FSBOs for motivated sellers that are either high equity or are in some other position to be likely to carry the note for you (finance you) at zero down with a reasonable monthly payment from you for a certain allotted time frame.