Looking for critique on my investor pitch deck

[Damon Amato]

Hey all,

Fourth syndication (not fourth deal, but first time raising outside capital beyond friends and family), and I'd rather get roasted here than by an actual investor. Looking for honest feedback on the pitch deck before I send it out.

Quick summary of the deal so you know what you're looking at:

25-unit motel-to-multifamily conversion in Killington, VT. Buying a distressed motel at $1.095M, spending $1.9M on renovation to convert 24 keys into studios/1BRs and preserve one standalone 3BR as a separate rental. Total project $4M including closing costs, reserves, 12 months interest during renovation, etc. Adjacent to the Skyship gondola base at Killington Mountain Resort where they are about to build a 200 seat restaurant. Vermont rental vacancy is 3.4%.

Capital stack: $3.16M senior bridge, $235K seller carry funding the interest reserve at 7% accruing, and $800K LP equity ($132K already committed by an early LP who paid for our DD, legal, feasibility, and 6 months of site supervision).

Here's the part I actually want critiqued. My co-sponsors and I are not bringing cash to the deal. We tried to structure around that. Waterfall is 10% pref on unreturned capital, then 100% return of LP capital before we earn a dollar of promote, then 50/50 split. Sponsors sign personally on the senior debt. There's a Y2 optional land parcel sale (subdivide the undeveloped west half of the 4.27-acre lot, sell it for around $525K, use proceeds to start returning capital) and then a Y3 cash-out refi that returns the rest.

Projected LP IRR 26.3%, 2.78x multiple, capital back by end of Year 3, $2.23M total LP distributions on $800K raised. Y2 DSCR 1.39x, post-refi Y4 DSCR 1.27x.

What I want feedback on:

1. Is the "sponsors bringing no cash but heavier LP protection" structure credible? Or does the pref+cap-return-first waterfall not actually offset the alignment concern?
2. Does the $132K already-spent land, or does it feel like I'm papering over the no-cash issue?
3. Post-refi DSCR of 1.27x is inside the typical 1.25x lender floor but not by a lot. Should I be sizing the refi smaller and telling investors capital comes back partially at Y3, rest at Y7? Or is the aggressive refi the right call?
4. The land parcel accelerator — helpful liquidity story, or does it add noise to a deal that should just stand on the multifamily conversion?
5. General flow, order of slides, anything missing. This is a 30-slide deck heading to accredited investors under 506(c).
6. Whether you'd actually put $50K into this if you saw it in your inbox.

Happy to share the deck as a PDF via DM if anyone wants to look. Would rather hear "this section is confusing" or "your DSCR is thin" now than after I've already sent it out. Not looking for validation, looking for the stuff that would keep you from investing.

Thanks in advance.