This could indicate a Board that is more interested in keeping fees low, than performing the maintenance and repairs that they are responsible for.

As an example, check out the year-to-date performance of Sun Communities and Equity Lifestyles: Sun and ELS both invest in RV parks, mobile home parks and other asset classes that my firm loves. 

I assume they'll perform a standard 80% LTV refinance.

I think it's a healthy discussion, with all sides coming away winners in that we all know a little more about alternative strategies.I could not help noticing though, that many of the arguments being presented tended to deal with past performance.

If ever the mortgage company wants to perform an audit they can call the note.

I know people frequently structure deals with disproportionate distributions to the sponsor to reward them for their performance. 

I'm still getting my operating agreement together, but the general structure will be an LLC of which I will be the managing member/ sponsor, receive an asset management fee/ acquisition fee, and a promote based on the performance of the asset. 

I also track each property as a fixed asset, including amounts paid, closing costs, depreciation, etc so it gives a TRUE picture of a property's performance as an appreciating asset AND a cash-flow machine. 

I'm not sure if you have a Financial Advisor, but through the advisor I work with I was able to put some of my savings into a principal protected structured note tied to the performance of the S&P 500.

If they stop performing, it's time to "fire" them either by non-renewal of their lease, cash for keys, or eviction.