The CC&Rs and articles of incorporation are like the Constitution, then Bylaws, then Rules follow. 

Ejectment does not just physically eject someone, it also legally ejects them.

If the dynamic had been as simple as "you need an LLC" I would have gotten one for them, in fact Renovo pre-approved me but did require an LLC prior to closing, in Illinois can be done on line and I think it a 10min form to complete, $150 fee to expedite and I had my Articles of Incorporation the next day. 

He was mentally not as sharp as he once had been (but fortunately was still functioning well mentally, his issue was almost all physical which may be even more frustrating). 

The only way a seller would have that information is if you physically provide it.If you have only disclosed prequalification through Lender A, you would only need to provide a denial letter from that lender.

As Jonathan noted above, start physically viewing real estate.

There is a clear bifurcation in Cap rates between infill, stabilized assets (7%) to properties that are located in tertiary markets or those assets that are still in a lease-up (<70% physical occupancy).

Initial Investment Length of Investment (Years) Shares Class A Preferred Return % LP Profit Split Class A Waterfall (Y/N) Waterfall Details Reinvest Earnings Option (Y/N) Physical Real Estate or Note Only Refinance Projection (Year) K1 Loss (Y/N) Yearly Interest Earnings Performance Average Annual Return IRR Refinance Return of Initial Investment Year 1 Tax Loss Effect Net Return (by Year) Total Return on Initial Investment

@Jack Anderson - I also agree with the other folks - you need a real estate focused CPA that really understands these issues and the subtle nuances involved in all of those different areas.Many CPAs are able to serve you virtually and you'll want to make sure you consider that as the talent you need is probably more important than that person's physical location.Best of luck to you!

If you are offering some on site services you will need to be located physically where you are managing, as we are.