And what would be the benefit (if at all) holding the property in an Arizona entity that is then owned by a Wyoming entity (LLCs or LPs, doesn’t matter for this discussion)?

From a syndication standpoint, y just to give u some ideas to ponder, you and your managing partner could set this up so that you two are the GPs (General Partner) and the other two investors could be considered LPs (Limited partners).  

These waterfalls can be great but they can also start with very low GP splits that really incentivize you to exceed your projections too.What the terms including the pref, splits, compounding and thresholds are is subject to what you as the GP negotiate with your LPs.

We've filed an application for part of the "green stimulous" package.

@Jingwen DunfordI am distributing profit from operating cash flow and am funding the rehab capex projects out of the dollars you raised from LPs prior to close so it doesn't effect the distribution.

The contractor is in charge of things like getting materials within 500 miles of the project, % recycled content of the materials, etc.Overall, buildings going for certification typically run alot more expensive due to all the paperwork, control / supervision, consultants, and increased cost of materials.Was told by a LEED AP, "These are high perormance buildings that both help the environment as well as stimulate local economy"All new government buildings are designed to be LEEDs certified but see why a private developer would go for it other than to use it as a marketing tool to their potential inhabitants.

As the economy gets soft and real estate prices fall, the Fed cuts interest rates to stimulate the economy. 

I'm curious where the line is according to the SEC on LPs talking publicly about 506(b) deals as usually you aren't allowed to generally solicit or advertise.

It's imperative that Chicago and the state begin to attract new companies and stimulate economic and population growth.

I’ve put 100’s if not 1000’s of hours in educating myself in both the market and REI.If both took equal effort and had identical returns I would choose the stock market, I find it more intellectually stimulating (when investing in single stocks) and I don’t have to deal with people, tire kickers can be exhausting!