She sponsored a bill when she was on the Board of Supervisors back in 2015 that passed and updated the SF Rental Ordinance to include provisions around occupancy limits.In summary your PM is right.

But most equity investors I’ve worked with will usually want to make their investment after the land has been acquired, re-zoning has been completed, entitlements are in place, site planning has been approved, and the project is read for construction.This substantially reduces their investment risk because the value of the collateral has been increased.That being said, experienced sponsors that have shown consistent success in their projects may be able to get their equity a lot earlier in the process.As a general rule, the minimum cash down payment required for a land developer to purchase a piece of land is 30%.

My hunch is that they sponsor employees to come and live and work in their stores but I can't confirm this.  

But i have noticed they are putting themsleves on commercials on tv more and even sponsoring full length tv shows.....guess who gets to foot the bill? 

Meaning the sponsor doesn't get paid their management fee, until I get paid first. 

Sponsors typically set up one entity for their rentals and one for active income. 

@Heather Johnston@james wise you want to take this oneMy only comment is you invest in the sponsor more than the deal.

How does one find a sponsor for a new investor seeking to invest in multi-family properties?

I don't own or invest in this market for several reasons mainly because my sponsors and mentors aren't attracted to this market.

I'm currently invested in nearly 2000 doors and am the deal sponsor / syndicator of 2 apartments including a 272 unit that has 6 full time staff.