I was just in Tokyo this past winter and can confidently say you might enjoy the break from the crowds and stimulations of Tokyo for SF.

Many LPs are seeing smaller or paused distributions but if the mortgage is being paid and there isn't a balloon coming due soon hopefully you'll be able to ride out these bumpier times.

@Pavel Ushakov and @Brad Schaeppi you two should connect if you haven't already.Sorry for the long post, just  got back from vacation so looking for more RE stimulation.

@Andy GrabisThere was a recent discussion on this topic you might want to read.https://www.biggerpockets.com/forums/519/topics/56...If that doesn't answer your question(s) - or stimulates additional questions - then fire away!

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.