4) each state has different rules, it will be a state by state answer.5) if you are operating the OM company as an LLC, then the LLC needs a designated Broker and the Trust account is maintained in the Brokers name. 6) In Texas there isn't a P<m specific license, it is governed under the RE License.

I have a ton of experience and in investor relations so I live PPMs, OMs, Sub Docs & more. 

On that $1960 in revenue, a PM companies profit is between $100-$200 om the year. 

You see OM's all the time touting the parent companies etc. but if they are not on the hook for the lease it means nothing.I do not mind local to regional tenants at all IF there is a personal lease guarantee with substantial net worth behind it.

Direct mail is somewhere in-between.Just pick one outreach method and grind at it for 12 months, putting in the work no one else will.I'm sure your you can get access to a list through your brokerage.Make sure you have a good tracking system in place to follow up.Start with a script, use script at least 100 times, track KPIs and objections, then make improvement to script and repeat.Once they are interested, you'll need the T-12 and rent roll to get started on creating the OM. 

When you can get 5.30% om 12mth CD's?

They might sneak in some weasel words, like advertise it at a 7% cap rate and then in the OM mention that that's proforma, and actual is 6.25%, for example.

If you are in a closed-end fund and relying on "pref", "Class A" or other distribution type you may be in for a rude awakening with some operators (again, the devil is in the details, aka the OM/PPM).

I'm currently reviewing the OM, T12, and rent rolls. 

These are the things I worry about when reviewing OMs tainted by gurus...If you have relationships with experienced operators who still offer investor-friendly deals, then it's the best of both worlds.