When I started trading stocks in 1988 commissions were 4%.

From my perspective, when I started house hacking, I really enjoyed learning about all of the trades, but as you said-  it becomes harder to do all those things while building.  

Some may want to move and then you'll be left with an older, used mobile home which you may have to fix up or trade in for a newer, used mobile home depending on the condition. 

I'm seeing renovated inventory sit, then trade well below list in a large portion of the ATL metro. 

Yes, there are some trade offs, but also some great benefits.

This isn’t an SEC traded investment, no liens or 1st positions, no personal guarantees on behalf of the GP, If you go back thru and show us your deal analysis versus your checklist you will probably see an investment marketed at 14% return which should have been Risk adjusted down to 8%.  

I'm a specialty insurance underwriter by trade; therefore analyzing deals and numbers is my jam.  

Given equity is always more expensive than debt, in my view the additional finance charges were a good trade off. 

This is not legal advice, just friendly information.This is the trade-off with LLCs.

In my eyes, all of the same diligence is needed in regard to sponsor and deal(s), but add to that prior operations by that sponsor, current financial analysis, current valuations in today's market with very limited trades happening as comps, what the effect of waterfall and fees will have on that position once you take over, etc.