I like it as an idea but in practice I'd need to see how it operates and returns. The flow of information and transparency would be really important to me. Just in working on the "little" projects I do you always run into problems that are time consuming and or expensive so the types of wrenches thrown at you on multimillion dollar projects somewhere around the country where you may not have a great grasp on what's going on seems like a pretty big gamble. I may give it a swing at some point so I'm bookmarking it for now. Personally I have projects ahead of me for the next five years.
I just read these quickly about Realty Shares.
RealtyShares Now Lets Investors Put Money Into Individual Real Estate Markets
RealtyShares Has Returned More Than $10 Million To Investors
I also came across this awhile back that may interest you.
NYC’s Next Hot Neighborhoods Targeted With Property Funds
Also thought this may be interesting
Blackstone unveils world's largest real estate investment fund
I'm also greatly worried about a real estate bubble in some parts of the country currently. With interest rates rising, stagnant wages, and the lack of a large number of well paying jobs it could result in unsustainable debt.