I've done both and understand the merits of each strategy. 

In a fund you are much more investing in the sponsor and his operating philosophy than the merits of the various projects within the fund.  

The job of the PC will be to listen to public testimony (if any) and judge the project on the merits of appropriate land use and compatibility.

It's not a model that scales but is there merit to keeping it as is and using it as an equity bank? 

Nathaniel:I think all of the advice you have received has merit, is well intended, and is worth your consideration.Still almost died laughing at how one sided this thread is.I'm sending you a message with attachments for all the market areas we considered before we landed on ours.

Tsk, tsk.So, it's probably more useful not to engage in fluffy absolutes (like whether or not I'm being reasonable...subjective terms like that are about as useful as "ugly" or "bad") and focus on the merits of the proposal itself. 

And not to argue the merits of renters insurance, but to re-emphasize what has been stated above, most leases require it these days.

While I believe most in our chosen trade(s) are already familiar with the word or term “Appraisal”, it can’t hurt to provide some clarity: According to the most recent edition of Merriam-Webster’s On-Line Dictionary:Appraise - to set a value on; to estimate the amount of; to evaluate the worth, significance, or status of; to give an expert judgment of the value or merit of.Appraisal - an act or instance of appraising something or someone; a valuation of property by the estimate of an authorized person.Appraising - making or expressing a critical judgment or evaluation.Within the realm of real estate valuation, the Uniform Standards of Professional Appraisal Practice: 2020-21 (USPAP) offers the following applicable definitions:Appraisal (Noun) – the act or process of developing an opinion of value.Appraiser – one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.Appraisal Assignment – a valuation service that is provided by an appraiser as a consequence of an agreement with a client.Report – any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client or a party authorized by the client upon completion of an assignment.

On our levels as individuals, I think there's a lot of merit.

Right, so performing a one-time service (even on multiple occasions), such as being an agent, doesn't really merit a long-term equity position.