I see that this deal has two big components, the deal and the sponsorship/partnership agreement.That being said, the few other concerns/issues that I see on the property side of things, does the deal make sense if you can't fix the zoning issues and do the expansion? 

Ill be honest, living here is going to be very tough to do without some sort of sponsorship.

Most of the non-pref offerings I see are long-term cash flow plays for the sponsorship group (asset and property management fees), friends and family type offerings, and investment club deals.

.- We sell 100% of the sponsorships- We retain 100% of the media revenue.- We retain 100% of the merchandise (shirts, hoodies...etc) revenue.- We are 100% satisfied with our choice.Just goes to show you guys that taking the money isn't always the right choice.

Have you built relationships with any other sponsorship teams?

The rates are very hard to quote without knowing specifics of the deal, the market and sponsorship.

.- Leases (not necessarily needed at first, but we will need to review these).On the sponsorship side, we need to know -- Net worth and liquidity of each sponsor with a share of 20% or more

If you choose the syndication route, make darn sure you properly vet the sponsorship team.

If you don't want to manage tenants but you do want to invest in real estate, syndications are a great option (in addition to others such as Notes).My best recommendation is that you look at more syndication deals and sponsorship teams before investing.

Has anybody used Nextdoor advertising/neighborhood "sponsorship" and want to provide some feedback on it?