Any paper trails that should be in place or is it as simple as giving notice at the right time next year and not renewing the lease?

I'd ask for their trailing 12 month income statements (a T12) and a current rent roll to start your analysis

Apparently the GP/fund struck an agreement with a local town earlier this year to build a campground in a popular trailed area owned by the town.

Conde Nast Traveler recently announced their 'Top 10 Trips everyone in the US should add to their bucket list' and it features some impressive vacation regions and activities:- Hot Air Ballooning, New Mexico- Bluegrass Trail, Virginia- Visiting Point Dume Malibu, California- Horseback Riding, Wyoming- Airboat tour Everglades, Florida- Winter expedition cruise, Alaska- Spiral Jetty, Utah- Camping In Acadia National Park, Maine/Rhode Island/Massachusetts - Trekking the Bayou, Louisiana - Wine country, Willamette Valley & Napa Valley Oregon/California 

As for privacy concerns, changing the name and being mindful of future registrations or public filings can help minimize the "breadcrumb trail."

They are out on the lake all day, on the beach or riding the 72 mile long bike trail.

NJ is very tenant friendly so keeping up with state & municipal requirements are very important, thoroughly screen your tenants, and I always recommend keeping a paper trail of everything.

In that way, there will be an official trail of the agreement.Of course, best answer is consult CPA.

I suspect but don't know but a lot of syndicators net worth could be tied up in trailing equity.

I dont think there will be a trail or anything like that.. its mainly administrative