School of Whales Commecial Real Estate Equity Fund, LLC

No independent counsel named for investors. Common in small syndications where Manager and Fund share counsel — reduces independence. Verify during diligence.

Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?

No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.