Central to my argument would be that making sweeping changes to the covenants themselves or changing how the covenants have been historically enforced only addresses the current problem indirectly. 

Quote from @Nate Marshall: Quote from @JD Martin: Quote from @Chris Seveney: @Jay HinrichsI 100% agree - but I would bet you a nickel that what many sponsors are doing right now has 0 benefit to the funds that are in trouble or right the ship - they are just trying to stay afloat and raise money so they can live their “lifestyle” for the next few years.To the contrary I think many know it’s a lost cause but do not want to admit it / make it public as it will crush their money raising efforts on their new funds.Maybe I am wrong but my gut tells me differently This is exactly what I suspect as well.

@Chris SeveneyGenerally, what would be the benefits of having it placed in a living trust over assuming the loan?

I'm looking to do my first project and I'm not quite sure how to craft the offer to benefit the investor. 

@Kobe CarrDallas offers benefits for first-time real estate investors, including a growing economy, diverse property types, affordable suburbs, landlord-friendly laws, and strong rent demand.

They don't cash flow....at all, but the future benefit here is the option to build new once the neighborhoods continue to appreciate and get new developments.

Real estate can be a powerful way to achieve both tax benefits and cash flow, and there are many strategies to fit your goals.

Defaults and Remedies A default exists under this note if (1) Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note; (2) (a) Borrower or (b) any other person liable on any part of this note (an "Other Obligated Party") fails to timely pay or perform any obligation or covenant in any written agreement between Lender and Borrower or any Other Obligated Party other than as described in (1) above; (3) any representation in this note or in any other written agreement between Lender and Borrower or any Other Obligated Party is materially false when made; (4) a receiver is appointed for Borrower or an Other Obligated Party or any property on which a lien or security interest is created as security (the "Collateral Security") for any part of this note; (5) any Collateral Security is assigned for the benefit of creditors; (6) a bankruptcy or insolvency proceeding is commenced by Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; (7) (a) a bankruptcy or insolvency proceeding is commenced against Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party and (b) the proceeding continues without dismissal for sixty days, the party against whom the proceeding is commenced admits the material allegations of the petition against it, or an order for relief is entered; (8) Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party is terminated, begins to wind up its affairs, or is authorized to terminate or wind up its affairs by its governing body or persons, or any event occurs or condition exists that permits the termination or winding up of the affairs of Borrower, a partnership of which Borrower is a general partner, or an Other Obligated Party; or (9) any Collateral Security is impaired by loss, theft, damage, levy and execution, issuance of an official writ or order of seizure, or destruction, unless it is promptly replaced with collateral security of like kind and quality or restored to its former condition.

Benefit from Continued Appreciation: Real estate in Austin and San Antonio has shown robust appreciation over the years.

It will familiarize you with the basic terminology and benefits.