Piggybacking on what Michael Smythe wrote, ask what the PMC's turnover rate is and do not let them put your home in a newbie's portfolio.

Low vacancy rates, rising rents, and high tenant demand for more space/good school districts. 

Several economic factors are contributing to this shift:Overbuilding: Some areas of Charlotte have seen significant overdevelopment, leading to an oversupply of rental units.Tighter Money: Rising interest rates and economic uncertainty have made tenants more cautious with their spending.Tenant Behavior: Many responsible renters are choosing to stay put rather than take on the cost and hassle of moving.What Does This Mean for Landlords?

For any of these real estate funds that have guaranteed rates of returns for set periods I would want to understand how my investment is secured.

Fellow attorneys rate him 1.5 or 2.5 out of 5.  

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

You could negotiate terms such as a lower interest rate or interest-only payments for a set period to ease your upfront burden.Lease-Option Agreement: If the landlord isn’t ready to sell outright, consider proposing a lease-option where you continue renting for a set period with an agreed purchase price.

Personally I would want to manage the rental myself at least in the beginning to make sure you get good ratings.

Also lots of sellers have locked in <4% rates and don't want to buy at 7% new investors who dont have low rates will just deal with the new normal or historic rates.

The reason why I ask is because that could determine what loan options are available to you (and interest rates).