My goal is to develop the SYSTEM that systematically works to find off-market leads, acquires them, fix them enough to raise the rents, and either flip them or hold them (hold is preferred). 

Than i seized the day, I tried out furnished rentals on two of our houses (HUGE impact on why we are successful) and so successful we will be doing it to 2 more houses), raised rents during natural tenant turn over (from 1250 to 1450), and so on. 

There are many activities when trying to raise money that require legal disclosure or license.  

Perhaps screening would have raised flags, but not always, though there is no excuse to fail to do it. 

I know this is where the big dogs play but, this is where I was born and raised.

If it's a decent sized multifamily and if you haven't raised the rent 50% in the past three years, but basically maintained them then I would probably use some equity to buy another well cash flowing property.

I was in the construction business since I was 17 including those college years.Since I was in Texas and planned on staying there I found out that I was qualified to take a real estate broker license test without taking anything extra so I got a license, in 1980.  

I'm brainstorming different ways to raise capital for my first RE deal and I have questions about private money.If a private investor, let's say a person at a local REI meetup, agrees to invest in my business how does the process work?

My demand analysis showed there was plenty of demand so I believe the size of the facility will be dependent on how much capital I can raise.

@David White PSI testing has a list of test practice material on their website.