Prior to my current role, I assembled small parcels for developers to acquire and entitle.

Customizable Fund managers also can play the role of a trusted advisor and build a well balanced portfolio for investors  that is custom built for each investor instead of trying to sell them one deal at a time.  

Mine came up about 40% short.This is not a fun exercise.  

Normally I wouldn't go for such a big deal but the way I see it is if I try I can at least gain the knowledge through the exercise. 1st question: this property could be anywhere in the 1.1 mill to 1.3 mill range.

They lent money on this project, they have a promissory note for repayment terms, and also a secured lien against the property in case of default, and then everyone understands everyone else's role in the deal.

In a JV, all partners are supposed to have a role and a say in things, outside of just the money being put in.

Just ask yourself this, ‘if the roles were reversed would I lend X, resulting in Y LTV, for this particular property?’

Being a long term landlord (even with a property management company) was an exercise in mental resilience, one of which I care not to repeat.

It sounds cheesy, but the best way to prepare is to work with a friend or two and role play.

Yes that should be an option that you can exercise.