No license is required to invest. Licensing applies to people who sell securities or advise on them, not to people buying them.
Accredited investor is a status, not a registration. Nobody issues you a card. It's a definition based on income or net worth thresholds, and the sponsor or platform verifies you meet it, sometimes by self-certification and sometimes by asking for a letter from your CPA or attorney. There's no government list you join, and the exact thresholds and verification requirements are things to confirm with a professional rather than take from a forum.
On insurance: your own policies don't reach these deals and don't need to. When you're a passive member of an LLC that owns a property, the LLC carries the property and liability coverage, and your exposure is normally limited to the capital you put in. That limitation comes from the entity structure and how state law treats it, so it depends on the entity and the state, and it's a question for a lawyer if the amounts matter to you. Your umbrella policy covers your own liability, not a building you hold a small interest in three states away.
What does change is your tax paperwork. Equity deals typically issue a K-1 rather than a 1099, they often arrive late, and if the property sits in another state you may pick up a filing obligation there. Some investors end up filing in several states off a handful of small positions. Ask your accountant what that adds to your return before you spread across twelve deals in twelve states.
