I wouldn't say they are real estate focused firm (they are more general CPA firm but have knowledge in all areas) but there's a strong pre-existing relationship there for us so it worked out well and they've been great thus far.  

Part of this post is it figure out if it's a pre-existing strategy and how I can find out more about it.

Pre existing.

If you have no track record odds are you will not be able to raise money for the deal unless you have pre existing relationships 2.

Since they are pre-existing and the lease doesn't address it, I would probably go easy on them.

All investors in the "b" must have a pre-existing substantive relationship with the GP/sponsor (and I suggest you get to know the fellow, his character and capabilities, before you hand him your hard earned money. 

Self Storage Project WorksheetDrive up StorageNotes:Land$200,0004 acres at $50,000/acreSurvey$7,000Site, elevation and building layoutFence$30,000Black chainlinkGate system$25,000Automated rolling 20ftEngineer$30,000Dirt work$15,000Building demo$Electrical- site$7,000Electric poles$Security$10,000Storm drains$150,000Water$5,000Water line$30,000Fire Hydrant$3,000Sewer$7,000Sewer Line$7,000Buildings$1,180,800Phase 1 2 acresOffice$25,000Office setup$5,000FootingsRoadsGravelAsphaltConcrete roads$676,1336 inch Cubic yards, framed, poured, sawn,Retention Pond$5,000Landscaping$5,000Road Sign$15,000For highway 55mph billboard signTotal$2,437,933Self Storage Purchase:Same situation as above, but we are purchasing a pre-existing Storage location.

@Gerald LegaspiFor a 506b you should have a pre existing relationship with the sponsor as they cannot advertise it.506b has additional requirements for investors, one being the requirement for audited financialsI have been a GP on a 506b, 506c and.

If you start an account and immediately start placing claims there's a decent chance they will try to say pre-existing.

Usually you need to have a pre-existing relation with a lender.