An accredited investor must exceed a net worth of $1,000,000 excluding a personal residence or an individual income above $200,000 in the last two years or a joint income with a spouse above $300,000.

That depends on the type of investment offered and your role in that investment.  The most common role is that of a Limited Partner (LP). As an LP in a syndicated deal you must be Accredited to invest in a 506(c) offering. However, up to 35 non-accredited investors may invest in a 506(b) offering.

Distributions are generally made quarterly and begin to accrue once the deal closes. Whether distributions can be sent will be based on the strategy, implementation and stage of the project.