I doubt you have to, despite the language in the letter you shared stating that “all LPs must participate.”

You mentioned having a “prequal” letter.

However, annual rents for lease extensions grew by 4%, highlighting renters' preference to renew rather than enter the challenging homeownership market.Looking ahead, the multifamily sector presents a mixed landscape of opportunities and challenges.

I see FF to be very mixed on bookings compared to actively getting them.

@Jerry ZhangWhat is the median income of the area, and the unit mixes of the apartments?

So, you'd have to get it rezoned to residential or mixed-use residential but commercial zoning would not work. 

At closing a Note was issued and a Mortgage/Deed of Trust were issued showing the Borrower (Investor's) indebtedness to me, with a Mortgage/Deed of Trust showing my rights as Lender over the Borrower's property.I have received mixed recommendations on this topic and am looking for guidance that is consistent.Specifically, I lent money and had the investor/borrower/property owner place me as "Mortgagee" on their property's insurance policy.

The equity is a mix of FMV and appreciation.

However, if Honda takes up to 10 days to provide the payoff letter, you have a couple of options: Call Honda directly and escalate: Let them know about the urgency, and request an expedited payoff letter.

Follow-up with a letter informing them of the same so they have it in writing.