The loan agreement and covenants dictate the rules of the contractual agreement.

that will dictate the highest and best use for sure.Whatever you do with it I'd document it because people like seeing the progress when they are sitting in the final project all nice and complete.

------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Your risk tolerance will dictate which type of property is most suitable for you.

No matter where you choose to invest, please keep in mind the following (copy & paste):--------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

@Celine Li Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

It is dictated by business.

In true syndications, a sponsor shares all financials and will do a capital call if market conditions dictate more capital is needed.

Every property we onboard the owner has complete control over their furnishing budget; we have never and will never dictate this.

Venue dictates where disputes are resolved  and if it’s a loan collateralized against property and there’s a default the venue will be the municipality where the property is located even if the loan docs set venue elsewhere or parties have business dealings elsewhere.