Boiler room  operation ? 

If they didn't have one, it may have been illegal for them to raise money from you.

Quote from @Nicole Heasley Beitenman: I'm coming up on my first year of operating an MTR.

Private equity firms seem to favor larger operations with scalable systems, while smaller mom-and-pop firms are often acquired by local players or regional operators looking to expand their footprint.If you’re looking for actionable intel, reaching out to brokers specializing in the sale of PM firms could provide useful leads.

Some of which may not be the intent and may in fact be illegal. 

It's a dishonest promise.If you are in foreclosure, it sounds like you are either there or headed that way,  what you are encountering is a "foreclosure scheme" they are illegal in most places and for good reason.

MHP is a mature space with many proven operators.

I had one short term rental that was granted a permit earlier this year and I have been operating it for months now as an STR.

Opening a new fund or operating company and not reporting on the old fund’s results3.

I was just on their website looking at the permit process:CityofSac-STR PermitLooks like 90 days max until you get a conditional use permit but still reading as it seems a little unclear:A short-term vacation rental may operate from a location that is not the operator's primary residence for a total of 90 days in a calendar year.