At what point in syndication do you get a PPM and OA put together

[Kyle Kovats]

After you've found a property, submitted an LOI, have come to an agreement with the seller, at what point do you have a PPM put together as well as an operating agreement?

Looking for a few opinions and also examples if people have done so and how they've done so. 

Thank you. 

[Michael Le]

For me it depends on how sure I am that I will close on the property. If my due diligence period is more formality then I might start right after the PSA is signed. If it's a heavier value add property where I have concerns of what I might find during due diligence, I'll wait so as to not lose even more potential money.