Fellow investors can someone Explain the term multifamily offered for purchase 3 percent LP or 2 LLC?   

@Ben HollowayI have learned that finding the right property management company that aligns with your business model is the key to your success or to your failure in your business I would suggest you find one that matches and aligns with what your strategy isI would look up NARPM and start with them..Below are some questions I would think would be a good starting point for you to see who really treats their company like a business or a hobby.Questions to Ask prospective management companies* What are your average days on market for vacant homes?

Question: When you raise money from your LP's, do you have to limit each LP's to a maximum contribution of 20% of the total capital needed to close the deal?

Not to mention the personal stress they and their families went through.I ask because most people are not going to have deep enough pockets (if the lose) to be able to bring appeals.I'm not trying to poke holes in your business model, just trying to get an idea of the "Risk" associated with operating as a series LLC in a non-series state.And using one in California seems totally unpredictable because the courts there do not seem to respect even black letter law, and will find ways to "Just do what ever they want" in a particular case. 

I live in Florida where Park Model Communities are everywhere catering to Snowbirds. 

When designing my business model I constantly ask myself what direction I want to go.

The market has become competitive for SFR and for properties that fit that model.

There are a zillion models.  

I modeled it after Quicken Rental Property Manager. 

I personally had to persuade underwriter on my most recent acquisition to use my income history from a previous STR home I had already liquidated to prove that using my same business model (and in the same area) would produce the same results..which they fortunately agreed to in the end.