Making your investors feel safer, syndications require a government-regulated private placement memorandum (PPM), which spells out how the investment is being set up and the returns and risks involved.On the negative side, real estate syndications are expensive and complicated with quite a learning curve.

The note is the document that spells out the terms of the  loan; like interest rate, how often pay, how long the term is, etc.

Besides certain reporting requirements being spelled out in the Operating Agreement, a lot will depend on the type of offering that was made when investors were given the opportunity to invest.  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

Repairs are on you.The point is you have to spell out EVERYTHING in your lease. 

Hey y'all,I've hit a little dry spell recently and I'm looking to pick back up again.

If it was me I would allow the tenant to handle the situation, but since you are asking the question, I would say an addendum is probably a good idea either direction you decide to go in, just so it's clearly spelled out to everyone.

If you don’t see it spelled out, often on a sheet of paper that only talks about your occupancy.

Thanks for all the insight, and my apologies on the post spelling.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.