Yes, I've signed an agreement with the pm and relevant clauses include:(10) negotiate and execute leases on Owner’s behalf for the Property at market rates and on competitively reasonable terms for initial terms of not less than months and not more than months and in accordance with any instructions in Paragraph 20;(11) negotiate and execute any amendments, extensions, or renewals to any leases for the Property on Owner’s behalf;(12) terminate leases for the Property, negotiate lease terminations, and serve notices of termination;There is certainly nothing protecting me from mistakes made by the pm.

The DF Act with amendments I think is around 14,000 pages now, thankfully the real estate financing sections aren't that long. 

If later you decide to incorporate the plan can be amended at that time to reflect the change in plan sponsor.

One was to change the zoning to a higher density.Estimated Costs:Engineering Firm: $65,000.00Architectural Firm: $60,000.00Estimated special studies: $50,000.00Consultant: $50,000.00Basically to process the general plan amendment from the existing land use of the residential portion LMR R-1 to an HR R-3(highest and best use), or alternatively to an HMR R-2 if the HR R-3 is denied.

That way down the line if they have problems with the business you have some negotiating leverage with the lease amendments or if they want to terminate a buyout provision to cover lost rent, TI, leasing commissions, and legal costs for the next tenant.  

So check with HOA presidents to make sure there no new amendments in the works.

Again, I am assuming that I will have to amend my articles of formation to include that language.

Partner 1 now goes and signs a new lease (amendment) without partner 2's okay, and is even the only one on the new personal guarantee. 

We are going to amend his return to show the correct 50/50 amount and made the decision to have much more concise communication, that way we don't trigger any red flags in the future.Thanks for the help!

The lender was supposed to release the rehab funds and amend the first after the restriction date had passed.