I have seen a couple properties where they only grossed $15k or less in the trailing 12 months. 

OBTAIN SOURCE DOC FINANCIALS (RR / T12's / AR / CAPEX): Bare minimum, get copies of the rent roll, trailing 12-month financial statement, and aged receivables report from the owner/broker to enter into your personal property analysis model.

When it comes to structuring a deal, most developers focus on the capital gap — but lenders focus on readiness.Over the last few years, I’ve noticed that deals move faster (and get better terms) when the borrower has a clean due diligence stack ready before approaching mezzanine or bridge lenders.Here’s a quick checklist we use internally before structuring mezzanine capital between $1M–$100M+ :✅ Updated project financials✅ Detailed pro forma with realistic DSCR assumptions✅ Rent roll or trailing 12-month P&L✅ Capital stack breakdown showing senior + subordinate layers✅ Clear exit or refinance planHaving these ready builds lender confidence and speeds up funding timelines.💡 Curious — for those of you who’ve raised mezzanine or bridge capital recently:What’s one document or metric lenders focused on the most during your due diligence?

Everyone referred me to someone else until the trail went cold.

That creates a paper trail showing you tried to resolve this in a reasonable way.4.

Hated to miss the Paper Trail Note Conference, but appreciate the informative podcasts.  

But for Chicago’s tenant-friendly setup, the paper trail really is your best friend.

Below is your October 2025 Charlotte market update — including exciting infrastructure news​ and a snapshot of the tightest rental markets across the region.​Infrastructure Spotlight: Charlotte’s Rail Trail Bridge ProjectConstruction is officially underway on the long-anticipated Rail Trail Pedestrian Bridge over I-277, a $16–21 million project that will connect Uptown Charlotte to South End via a new pedestrian and bicycle bridge.Quick facts:-The bridge will span ~280 feet across I-277, linking the Brooklyn Village (Stonewall) Station area in Uptown to the Charlotte Rail Trail under the East Morehead Street bridge.

In short: yes, REP is doable with an out-of-state PM, you just have to stay meaningfully involved and keep a clean paper trail.

Most list the guru as an “advisor” on their website, and a simple Google search of the guru’s name plus “advisor” or “advisory board” turns up a trail of nearly identical sites.I’ve scrutinized these programs extensively in these forums.