Would I be required to have a liscence in order to engage in this type of transactional lending?

Totally a viable option but keep in mind the documentation of the process and making sure that YOUR material participation does not exceed anyone else in the home - for example, your cleaners or maintenance people. 

Does anyone know of a good community that's specifically meant for people who are more advanced in real estate? 

Harrowgate is up and coming in my opinion, even though people still may call it Needle Park.

But, the value of properties has been going up steadily, and lots of people want to rent. 

Use the search feature to find: people; posts/blogs on specific topics; and answers to all of your questions.3.

While I was trying to be clear about not having any experience with you, I don't know if many people understand the fund of funds or co-sponsor structures and if/how they bring any value.  

Mostly with people I know well. 

It seems that most people feel that purchasing a single property with all cash is not as good an idea as investing in multiple properties with leverage.

I'd love it if some of you much smarter people could look at my analysis and see if I'm missing anything?