If you're starting with this model, it can be highly beneficial as it allows you to gain first-hand experience with the daily operations, actions that must be taken, requirements, market demands, and more.

Additionally in terms of a GP/ LP relationship, would preference of LPs create the same dynamic in choosing one GP/Sponsor investment over another, if all technicals and numbers are the similar between two investment?

Not even Balance Sheet.I don't know if they changed their model since the change of subscription plan but it isn't ideal to use it as depreciation or amortization.They do have a balance sheet. 

Their pay-as-you-go model allows flexibility, so you only pay for what you need.

Now you are telling me my critique of of your business model "gives you motivation".

Myself I used my own internal funds to prove my model.

I have a vision of building and developing mobile home communities in upstate NY that are vertically integrated to allow future members to choose from a catalog of homes, have them installed, provide them with financing options, and make the process of selecting, buying, and living in the community very smooth.Since this is my first time doing this, I would love to chat with an experienced mobile home developer on the following items:Zoning - navigating the zoning process to allow the community to be allowedStart up costs - I am a finance person who would love to better understand start up costs - septic / electrical / water / pads / roads / etcOn Going Maint Costs - in building our business case, I want to build a conservative financial model to capture all re-occurring expenses - utilities, landscaping, capex, septic clean out, etc.I know this is a lot, but would greatly appreciate talking to someone who is an expert in this asset class!

I think a return on invested equity analysis outlining a few scenarios with my models would answer your questions. 

Hi everyone!AIM: I am looking to start a syndicate. NEED HELP: I am looking for assistance in lawyers and other experienced syndicate mangers to seek advice and some guidance. Purpose of the fund: To purchase old land...

Quote from @Joel Oh: Your business must make money day 1.It is so much more difficult to fix the model that is not making money than starting a new business that makes money day 1.