My Background Continued ..3 .. first syndication

For the next 2.5 years the project slowly went down hill.  The majority of questions by the investors were ignored and the quarterly reports essentially stopped.   Eventually we (the investors ) got to the point where we knew the property was in jeopardy and asked for a meeting with the GP.  My plan at this time was to ask to appoint a receiver and have an orderly disposition of the property.   

----------

One of the possible ideas that I had was to have the other investors vote and for me to take over and run the property instead of the GP.  I reject the idea due to my lack of knowledge on how to manage a large property 97 units) but I do decide to start studying and get licensed as a property manager. 

-------------

At that next meeting,  the GP tells the investors that the partnership we formed no longer was the listed owner of the property!  The GP seems to be baffled at how this happened.   Much later on, it turns out that the GP had made a deal ( a very poor, not prepared by a lawyer type agreement) with another developer to take over the property and its mortgage payments and that developer transferred the property into his company name.

-----------

The resolution to that story still continues and is almost complete.  I must say, I learned the more from this failure than from any other in my RE career.  It took a tremendous amount of research and creativity on my part to create an acceptable resolution to this debacle.