I hear that plan a lot - Just need to implement it (Thats the hard part)I would recommend a book that a lot of people on this site recommend as well as you do seem to be jumping around a lot.The One Thing by Gary Keller.Good luck!

On #2, if there are mandatory capital calls and one party defaults, what are the remedies of the default - i.e. is there dilution? 

The offers you are getting are not all that great for a third party investor.  

Sorry I'm a little late to the welcoming party.

It's a good lease, but the best part is that a good eviction attorney, (Gary in this case), wrote it and knows how to use it to your advantage.

The hardest part is making the first million.

Go crazy, one year we made cards for a Halloween party with things on them like "do the chicken dance, make an orgasm noise, take a shot, give someone a hickie" and we shuffled them up and handed them out at the door. the throughout the night you could give the card you were given to anyone at the party and they had to do whatever it said on it right then and there no matter where we were (you can also just put all the cards in a hat and make people draw them throughout the night since you're the birthday boy).

Expect high turnover, partying, high summer vacancies, etc.  

I'm late to the party, but I just wanted to say congratulations!

Assuming the note of the senior lienholder is a typical institutional note with a due on sale clause:Can the senior lienholder accelerate a loan when a 3rd party obtains title by means of a trustee sale of a junior lien?