It still looked very attractive overall and I thought the member returns would be attractive also for passive investors.  

With the smaller initial investment the primary residence may pencil out to be more attractive.

I have $20K saved up and specifically I would like to use that money to purchase a property in the $80- $100K range that would be in what I would consider B-C areas in attractive markets of either the Cleveland OH area or the Memphis TN area.

I know people that carry more cash than that in their wallet. 

I also like the idea of having a nicer home, not only for me but for the tenants I could attract.

A private seller will have a hard time attracting enough buyers, so you may get one who low-balls you.  

Location is everything but also being a good host to make it attractive to travelers.

If this happens there may be opportunities.But Wayne is right, if the opening bid is attractive there will be competition.  

Not suggesting you necessarily sell to them but it may give you an idea of what would make your property attractive. 

As far as actual track record/technical merit/history goes, I don't know much more than that--however at the meetup talk they tried to be as conservative with their numbers as possible which I found attractive (as opposed to hyping things up and pretending REI is some overnight venture).I also think Memphis Cash Flow mentioned Marathon property management as a good go-to sister company for managing properties--do you know of others that also reputable?