In my research on preconstruction investing, I've tripped across a few links for "investment clubs" that invest as a group, buying multiple places or places requiring larger downpayments. Any thoughts on getting involved these, and has anyone done so?

I doubt you go there and invest as a group but rather you join the group and learn how to invest and share ideas with each other. Its basically like clubs in high school you join come to the meetings and discuss what the clubs about. Those real estate clubs or investment clubs are great to get ideas and always be on top of your game. I suggest you join it, It will definetly help you, educate you, and motivate you. DO IT!

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Real Estate Talk