No license is required to be a passive investor in one of these. Licensing questions land on the platform and on whoever is selling the offering, which is why onboarding runs through their system. If you ever went the other way and raised money from other people for a deal, that's regulated activity and a securities attorney is the right call.
On insurance, remember what you actually bought. You bought a security, an interest in an LLC or a limited partnership, and that entity owns the real estate. Property and liability coverage sits with the property-owning entity and gets paid out of deal expenses. If the roof fails or someone is injured on site, claims run against the entity and its policies, not against your homeowners policy. The usual point of the limited partner or non-managing member structure is that your loss is capped at what you put in, though how far that protection reaches depends on the entity, its state of formation, and the specific agreement, so a licensed professional should look at anything you're relying on.
What I'd do with quill's observation is ask the sponsor directly for the insurance summary, meaning carrier, limits, deductibles, and whether there's builder's risk on anything under construction and flood or wind coverage where the location calls for it. Thin coverage shows up as a capital call later, and that's the version of insurance risk that actually reaches your wallet.
