I personally checked this property out and they have had a substitute trustee assigned for the first mortgage...whose demand letter in the file makes the total due about $150,000. 

There is no substitute for good character. 

You can do the same, just substitute the word smoking.

I stands for inimitable and N stands for non-substitutable.

@Eric Hempler sounds like to have more experience in certain areas than the typical newbie syndicator, but there is no substitute for real-world experience.The more visibility/interactions you have on the day-to-day operations side of a sponsor, the less risk for your LPs.

Did you provide an appropriate substitute, and 2.

There are some online tools that project ARV, like privy, but algorithm's shouldn't be used as a substitute for your analysis and an agent with local market knowledge. 

To conserve you cash, always ask for some subordinated financing (owner financing that is in second place), also negotiate substitution of collateral and discount for early pay off clause in the mortgage document.

Besides, you can't substitute gains from appreciation against negative CF. 

in North Carolina, you can look to see when "substitution of trustee" documents are filed at the courthouse.