I am not a lawyer but my personal opinion is that LLCs are over-sold to beginning investors.Put yourself in an ambulance-chaser's shoes.  

We each have a buy and hold and we both got our real estate license, with which we sold nothing right before the crash.

By the last year of our marriage, we had sold our vacation home at a $100,000 loss, lost our primary residence in a short sale, and moved to successively smaller rental homes.

@JEFF D. wish I could be more helpful to you, I have bought and sold 2500+ units and never had to do a Phase 2.As you finish out your due diligence period, and assuming you will sell this asset at a future date, a Phase 2 could limit the number of buyers in the future so give this 12 unit deal a real close look to ensure it is a solid deal.Good luck!!

One of my businesses saw exponential growth last year and I moved about 350 miles to give it my full attention, so I sold the house for $135,900.

They will need to be sold one by one.Thanks

Meaning the duplex I got for $40k, its identical neighbor sold for $79k, 2 weeks ago. 

Then just a couple years later we sold the pub for very little.

I also sold a fancy Mercedes.

Looking at solds, about a third goes at or over list, the rest is under.