A deal that produced a 25% net IRR to investors with a 1% acquisition fee, 1% asset management fee, simply pref + single tier waterfall, etc, may only produce a 15% net IRR under the current fee and carry structure, if their acq fee went to 3%, pref went down, they now have a GP catchup and multi-tier waterfall giving them higher splits for higher returns, etc.

I look forward to seeing your posts as you take action, become an investor and a developer.

They don't publicly produce any documents showing what a fund holds or any information about the fund. 

Normally there is some sort of onboarding or start up costs however usually PMs charge based on how much revenue they received hence if no revenue is produced due to the property being vacant, no funds are collected.

Austin that is legit amazing, I hope you are very very proud of what you have accomplished because not many people take that much action so way to go!!!

Quote from @Shenae Davis: Just started reading the “How To Invest In Real Estate” by: Joshua and Brandon and the 1st actionable step was to join the community, so here I am💪🏽Welcome! 

And even IF there are violations leading to enforcement, the most common type of enforcement action in these violations is that the accused doesn’t admit to any wrongdoing but agrees to never do it again, LOL.  

If the real estate is producing a steady return, you can make more aggressive bets with stocks or other alt assets.

From there, network and do your research about the area, have all of your "ducks in a row" to then action on a property if you see it come on the market and the numbers make sense.

Wishing you great success as you take actionable steps toward your goals!