I think I’m close to tying up my first syndication deal. It’s a light value add, a few homes to sell and vacancies to fill. But mainly it’s just increasing under market rents. It’s an asset in a great area that I’ll want to keep forever, and would like a decent chunk of equity for myself of course. But I’m a little light on cash until I can refi my other park. My likely investors are accredited friends and family. This is a relatively “safe” deal, but I’m also not a seasoned syndicator/operator. So what’s a good syndication structure to get investors interesting but fair returns, while also keeping a nice piece of the pie for me? I care more about equity ownership than cash flow at this point. So my inclination would be to go light on fees, if any, but bump up the equity split to a 40/60 GP/LP. Perhaps with a higher pref? What say you?

Here’s a dumb one: how do you guys plant new grass in a park you manage remotely, and where every resident is on individually metered water (and, therefore, doesn’t want you using their water, and isn’t interested in helping you by watering the seed/sod)? And what about when grass needs to be grown in a spot that’s not really near any water spigot?

When underwriting a park where the list price is around $2.5M, but the deal realistically pencils closer to $2M with 25–30% down, are there a lot of buyers out there still purchasing at the $2.5M price by raising outside capital and putting more like 40% (or more) down to make the numbers work? As an individual doing deals solo, that’s not really feasible since one person would have to bring a large amount of cash to the table to make the deal move. But if you’re using other people’s capital, you could potentially justify paying a higher price while still covering the monthly debt service. Is that essentially the transition point for acquiring larger parks in the 25–40 pad range—moving from purely personal capital to raising equity in order to compete at higher prices?

Does anyone have a pitch deck template they can share? Or is there one in the classroom resources? I'm having trouble figuring out how to search through the classroom documents.

How do you mitigate against the risk of a huge property tax increase? The property I’m looking at won’t get reassessed just because it sold, but the county could theoretically call for a county-wide reassessment any time. This property hasn’t been reassessed in 30 years, and the assessed value is extremely low. But I assume the assessed values of all the properties county-wide are low, relative to their market values (since they haven’t been reset in 30 years). So how can I predict what my taxes will go up to if/when the county does reassess?