I want to see them putting their own capital, earned from stuff outside of the acquisition fee (sometimes, sponsors will buy $100M in real estate, earn a $2.5M acquisition fee, "invest" this acquisition fee alongside LPs, and claim that this is a co-investment.

If it' s in a historic neighborhood you have to be careful if you start ripping stuff out. 

This should pay for itself as the unit I'm using it on always runs low on the free-on stuff and they should top it off.    

thats a great outcome.. and back to what I always say this stuff is state specific. did you also have to put the agreed amount of the purchase price into escrow on the closing date or could you just hold your money and prosecute the action ?

All this stuff is very tricky.

They definitely know their stuff and seem like they set up a bullet proof structure.

I will be there next week to look at my stuff. and my clients there have real challenges with labor and etc.

All of that stuff sounds fun but also incredibly time and capital intensive. 

I just solicit them with other stuff such as my dog.

You bring up a great point though, we don't want to get consumed by PM stuff, just lean enough about it to one day know how to get a good one.