But, as you may be implying, there could be pieces that are still open to negotiation before you actually close the deal/loan.  

The blurb you noted seems to imply that this one may be the kind that is a bit more harsh as far as the outcome for the LP who cannot participate.Reads (but ask legal) as if the LP may be cutoff from any future periodic distributions and if it eventually sells for a non-loss with funds left over to return to investors, the LP is set to receive the "balance in the Member’s Capital Account".

The 75% LTV implies the loan would produce $105k

I am not trying to test the system as you are implying, but I do not want to be locked into something that I really cannot get out of without getting banned or getting a $250K fine.

I hesitate to say "job" because to me a "job" implies a 9-5 situation with a boss and salary and a set of limitations and structure in place.

She would be all pissy about it when she would call but when you were there to address the issue she acted like she had been perfectly cordial.The name neat-freak implies an excessive behavior. 

It's not an investment.2 ex-homes and my current home say otherwise:Appreciated over $600KAppreciated about $500K and cash flowing very nicelyAppreciated about $300K and still living in it.Note: Each of them have had money extracted and re-invested so that the returns from these gains far exceeds the gains alone.I agree that if your home in a tradition zero appreciation market (implying appreciation is not historically greater than inflation) then your home is likely not an investment (you still get equity paydown and someone else is not cash flowing off of your rent). 

An entirely different animal that just Supply>Demand.Look, I'm all for you investing in master developments, but want you to understand its much riskier than you seem to imply. 

With that said though....the fact that the architect has been in communication with and implied that he is working on your behalf and working to get the drawings in for permit has now created an "implied contract" (i dont know the exact legal term for it).

Im not implying this is case here, but nearly every time a client has come to me asking how to buy a home at a sheriff sale they had heard or seen somewhere that a home sold at auction for $10,000, and thought that means that was the entire cost to buy the property, free and clear.