PMLs exist, there's zillions of them, real estate investors work with them every day and PMLs fill a need and have a role to play as a specific tools for a specific situation.See if you can put a sharper point on your question.Mike Thanks for this Mike! 

I think real estate investing has always been a long play whether it be Turnkey or any other route. 

It's easy to play the what if senario over in my head over and over again, but I've shifted from "What if" to "What's next"!

If you do have to lawyer up, make it clear you’re playing the long game.

But if its a strong offer just play it out. 

There is a potential scenario where an outside rescue fund (marketed as preferred equity to new investors) could come into play in many of the projects that appear to be performing especially if they have been paying the pref (via a reserve account stockpiled by over raising funds in the beginning).

People like new homes- It is easier for me to identify with which homes will be more marketable in the future yearsCons- Cash flow usually isn't as good (which is ok with me, because it is always an equity play for us).  

It was pretty interesting watching this all play out..

Knowing the laws ahead of time and the process is very important but just know that lateness's are part of the game we play.

Any way good luck with it.. sounds like this company's eyes were way bigger than their stomach.. to scale on scattered lots is pretty tough logistically and I guess we are seeing that play out.