All Distributions tier 7 over-allocates: shares sum to 180%, not 100%
Critical“eighty percent (80%) to the Class B and Class C Members, as a group”
PPM p.2795% confidence
Cascade · Distributions
Where each dollar goes
$875K
LP $745K · Fees $128K · GP $425
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
Class structure · 3 classes· viewing as Class B
How MHPI V, LLC divides the cap table
The cascade above is filtered to Class B. Reset to blended view.
Class B● active
Preferred InvestorMin · $250K“The individual Class B Unit price is $1,000... Minimum Dollar Amount $250,000”— PPM p. 3
Class C
Common InvestorMin · $50K“The individual Class C Unit price is $1,000... Minimum Dollar Amount $50,000”— PPM p. 3
Class A
Manager/Voting Non-Equity“MHPI V A, LLC...will hold one hundred percent (100%) of the Company's Class A Interests...which are voting non-equity interests.”— PPM p. 22
Deal diligence5 findings · worst critical
Automated checks across the fund's extracted PPM. Every finding is shown with the evidence it's based on — proven numbers or a verbatim quote and page.
Waterfall structure
Structural checks run against MHPI V, LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.
No clawback provision — promote paid is not trued-up to the LP at wind-down
LowThe fund pays the GP carried interest but has no clawback. If interim distributions over-pay promote relative to lifetime results, the LP cannot recover the difference. Common in real-estate funds, but worth confirming against the distribution timing.
80% confidence
Diligence gaps
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
DDQ gap: Does the fund engage an independent auditor?
HighThe offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ gap: Does the fund use a third-party fund administrator?
MediumThe offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ gap: What is the GP's capital commitment (skin in the game)?
MediumThe offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ readiness
How much of a standard institutional due-diligence questionnaire this fund's offering documents answer out of the box. Gaps are questions an allocator will ask directly.
77%
Coverage
10 answered0 partial3 gaps13 questions
Economics
- What is the preferred return (hurdle) rate offered to LPs?Preferred return of 8%.Answered
- What is the LP/GP carried-interest split above the preferred return?80% LP / 20% GP residual split.Answered
- Is there a GP catch-up, and at what rate?No GP catch-up.Answered
- Does the fund have a GP clawback provision?No clawback provision disclosed.Answered
- What is the GP's capital commitment (skin in the game)?Gap
Structure
- What distribution-waterfall structure does the fund use?Waterfall type: European-style multi-tier with class-specific bonus returns.Answered
- What is the fund's investment strategy / asset class?Equity · Mobile Home ParksAnswered
- What is the fund's vintage year?Vintage 2015.Answered
- What is the target offering size?Target offering of $10,000,000.Answered
- What is the minimum LP investment?Minimum investment of $50,000.Answered
Fees & Expenses
- Is the fund's fee schedule disclosed (management fee, etc.)?10 fee line item(s) extracted from the offering documents.Answered
Governance
- Does the fund engage an independent auditor?Gap
- Does the fund use a third-party fund administrator?Gap
Fee scheduletaken before LP distributions
Total load 135.00%Fee
Trigger
Basis
Rate
Broker/Dealer Fee
Subscription processing
Per Unit price
0.50%
Acquisition of each Project (excludes AHCF 6 investment and securities)
Total acquisition costs of each Project (incl financing)
4.00%
Loan Guarantee Fee
Member or Affiliate guarantees Company obligations
Guaranteed obligation amount
2.50%
Referral/Marketing Fee
Member referred by third party
Capital Contributions of referred Member
8.00%
Leasing Commission
New lease
First month's rent per lease
100.00%
Construction Oversight Fee
Rehab/renovation
Gross rehab or renovation costs
3.00%
Brokerage/Sale Commission
Sale of Property
Gross sales price upon sale
6.00%
Buyer Financing Assistance Fee
Assisting accredited buyer with financing for sale
Gross capital raised for buyer
3.00%
Service providers3 gaps
Legal Counsel
Not disclosed
No independent counsel named for investors. Common in small syndications where Manager and Fund share counsel — reduces independence. Verify during diligence.
Auditor
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
Not disclosed
No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.
Placement Agent
No placement agent engaged
No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.
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