Hi Russ - while Ryan and I do have contracts that we use for our deals, as do many of the students in this course, they are generally pretty specific to the state / deal you are pursuing. I'll try to find something generic to include in the course, but with a huge disclaimer that these are incredibly deal specific. Whenever I'm entering the PSA phase, I like to have a local lawyer help me with the process. This typically costs upfront capital, (I spent about $1,500 on my first contract), but if you plan to pursue deals in that state / market in the future than it can be incredibly helpful to just bite the bullet up front. Alternatively, either (1) search online for "standard commercial real estate contract for [Insert State Name]" or (2) connect with a local Commercial Broker / Realtor and ask if they have one. If you go the attorney route but can't find anyone local (search "mobile home park attorney in [Insert Market Name]") them check out https://themobilehomelawyer.com/ who is represents people nationally and typically does 30 minute free consults.

Hey Joe! 😂 I see you've caught on to how we begin every single one of our answers. It does depend! However, I think I can give you a pretty straight forward answer here. 1) In most syndications, the GP team will take a piece of the LP equity at the outset of the deal. Why? Because it signals to your investors that you have a stake in that deal as well. If you don't "put your money where your mouth is" then you potentially lose credibility unless you have a mountain of case studies that point to you being an extremely successful investor / operator despite not having equity in the deal. Think about it, if you as the GP could just walk away when times get tough, you aren't going to be as invested in the performance of that park. This is why we recommend that if you were to hire an operator in your own parks, that you hire them while you are acquiring that park, and you ask them to take a piece of the deal between 5-20% in order to incentivize them to perform well. The 70/30 split triggers post-preferred return, which jacks up the GPs equity to 30% of returns post-preferred return (We have video planned to explain this). You could have 5% of the deal as a GP, but post preferred return, you now have 30% of the deal. 2) @Ryan Narus will have a better answer to this since he's syndicated so many deals, but in my experience the depreciation is split amongst the LPs pro-rata. So if you as the GP take 20% of the deal, regardless of the carry, you are getting 20% of the depreciable benefits. In terms of your big investor - he may have been able to dictate terms if he was the sole investor in his previous syndications. Some syndicators get 50/50 promotes post 8% pref. Some syndicators get 10-20% promotes post 10% pref. This is also to speak nothing of what your property management fee is...5%? 10%? If you are a cash flow focused GP you may be willing to give up the carry (long term incentive) for the fee based income (short term incentive).

Hi Jayleen - in order to do this, you would have to find the owner's information, not go through a broker. A broker will only be representing the park's owners if the park is for sale. I would find the owners address using propstream or a similiar skiptracing service and try to call or send a mailer to the owners.

@Jayleen Soto You could have a buyers agent yes, but unless the Broker has a pre-existing relationship with the park owner, then you are back at square one and it makes sense to just build the relationship yourself. If you know the park manager than talk to them! That's a great in!

Hi Khalid - this is a big "it depends" scenario... I've laid out the path forward below, but first consider that this path will cost you $$$ and it may not be worth it for one or two sites (your desktop underwriting should tell you whether its worth it), however, if there are multiple homes / pads sitting vacant and the deal will not pencil (meaning it won't deliver good returns) without those pads/homes online, then consider doing the below... It's possible to hire a lawyer to help fight this ordinance, especially if the mobile home park is grandfathered in before the city enacted the new ordinances. If the park was operating legally before the ordinance, this would be a strong basis to challenge it. However, the outcome will depend on local laws and how the courts interpret it. Grandfathering typically allows existing properties to continue operating under the regulations that were in place when they were established, even if new ordinances would otherwise prohibit certain actions, such as occupying a vacant home after a certain period. If you are serious about the park, hire a lawyer experienced in land use, zoning, and mobile home park regulations IN Georgia and PREFERABLY in the same county or municipality that you are purchasing. They would have to do the following: 1. Confirm Grandfathered Status: The lawyer can review the park’s status to determine if it qualifies for grandfathering protections and whether those protections extend to the specific situation 2. Challenge the Ordinance: They can determine if the ordinance is overly restrictive or violates property rights, possibly seeking an exception, variance, or potentially having it overturned. 3. Negotiate with the City: A lawyer may also be able to help negotiate with local authorities to find a middle ground or gain an exemption.

Welcome Dolores! We're here to help if you need anything at all!