Quote from @Joseph M.: As of July 2025- their Avondale Commons project in Arizona is behind and at risk of losing LP money.

Chimene Van Gundy carefully crafted a public persona as a successful buyer and seller of mobile homes before a judge appointed a receiver to take control of her New Braunfels company and she filed for personal bankruptcy last month.But during a bankruptcy proceeding Thursday, she couldn’t recall any particular deal she did to get people to invest with her or that led to her becoming known as “the Mobile Home Millionaire.”

The main reason was not whether it is correct but is there enough MEAT on the BONE for this many and type of investors.OPERATING AGREEMENTOFTest Storage, LLCTable of ContentsPageArticle I ‑ Definitions 1Article II ‑ Structure of the Limited Liability Company 3Article III ‑ Business of the Limited Liability Company 4Article IV‑ Capital Contributions 4Article V ‑ Allocations and Distributions 4Article VI ‑ Management of the Limited Liability Company 7Article VII ‑ Transfer of Membership Interests 12Article VIII ‑ Amendments, Voting and Meetings 13Article IX ‑ Resignation, Removal of the Manager 15Article X ‑ Records; Financial and Tax Reporting 15Article XI ‑ Fiscal Affairs 15Article XII ‑ Termination and Dissolution 16Article XIII ‑ Miscellaneous 17OPERATING AGREEMENT AMONG THE MEMBERSOFTest Storage, LLC,ARTICLE IDEFINITIONSAs used in this Agreement, the following terms shall have the following meanings:1.01 - "Act" shall mean the Iowa Limited Liability Company Act, as amended from time to time.1.02 - "Affiliate" shall mean, in the case of any Person (the "Specified Person"), any other Person (a) that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the Specified Person, or (b) that owns or controls 10% or more of the outstanding voting securities of the Specified Person, or (c) that is an officer, director, employee or agent of, partner in, or trustee of, or serves in a similar capacity with respect to, the Specified Person or an Affiliate of the Specified Person or (d) of which the Specified Person is an officer, director, employee, agent, partner or trustee, or serves in a similar capacity.1.03 - "Agreement" shall mean this Operating Agreement, as originally executed or as amended, modified, supplemented or restated from time to time.1.04 - "Capital Account Balance" shall have the meaning set forth in Section 5.01.1.05 - "Capital Contribution" shall mean in the case of any Member as of any date of determination, the aggregate amount of cash, property, or services rendered, or a promissory note or other binding obligation to contribute cash or property or perform services that such Member shall have contributed to the Limited Liability Company on or prior to such date and a Member's share of any of the Limited Liability Company's liabilities as determined in accordance with the Code and Treasury Regulations (or, if such Member is not the original holder of the Interest of such Member, the Capital Contribution with respect to the Interest of such Member held by the original holder of such Interest).

Never mind the fact the investor now likely has a lousy loss run rate if there are premises liability claims, is reliant on expensive surplus line insurance coverage and when lenders review his entities they see someone who is reckless with claim history, mechanics liens (doesn't pay their bills) ...hardly the person a lender wants to do business with.

They will not refund you, only will give you a credit and you will not be able to speak to a live person as they don't have any contact numbers. 

@Isaiah Hall this is going to depend on your persona financial situation and they type of deal. 

CONVERSION FEESThe owner must make a Conversion Fee payment of 5% of each unit sales price to the DHCD within 30 business days of the settlement date (§ 42–3402.04 of the Code of District of Columbia).However, exemptions can be granted if the property meets at least one of these qualifications:-Was previously owned by a sole owner or registered vacant for at least 12 months-Sold to a low-income household (80% or less of median household income)-Sold to a person 62 years of age or older-Sold to a disabled person (as defined by the ADA)-Sold to a tenant who lived in the property for at least 12 months prior to the condo conversion Basically properties without tenants for the previous 12 months are exempt.

It sounds like you are using your disposition person as part of your acquisition process as well.

When one single private individual is lending their own money to an investor, I'm just proposing we call that person a private lender.And, that person doesn't need 30 days to fund a closing.

I would really look into this person as he may not be giving you the whole story.