Seems like tens of millions of dollars were raised from unaccredited investors...Here are some SEC links for a partner and CFO of Norada showing previous fraud history:https://www.sec.gov/enforcement-litigation/litigation-releas...https://www.sec.gov/files/litigation/complaints/2017/comp240...Based on what has been uncovered so far with the partnership between Marco and Ronald Fossum who has already been guilty of defrauding investors and barred by the SEC from participating in activity like this, I would say, yeah, there is a high likelihood of fraud in this case.

I wouldn't touch your 1st mortgage unless the blended rate (Both the 1st and 2nd Position loan rate) is higher than a traditional cash out refi. 

It's surprising to uncover the shortcomings of certain firms that lack genuine expertise.

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Also, when your lenders dive deeper into county records or operator standings, do you find they tend to uncover any common concerns, or is it more of a formality for peace of mind?

Your blended rate will likely reduce with each payment as well. 

You may have to pay a couple hundred $$, but it's well worth it..Bear in mind that an hour walk-though may or may not uncover everything that will be on the final Scope Of Work....so add 20% to the number that you get from the GC.You will need to do this quite a few times before you will be able to do it yourself, someone said you can after just one time, but that would be wrong.

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Not all but most times.Not this topic but in general I have seen offerings from other syndicators where they put in marketing the pref is a high number like a 7 but then say blended return with the asterisk.