A sponsors’ process varies from sponsor to sponsor and deal to deal. For our deals, we first notify our list of passive investors that there is a promising property. We set up a conference call to share more details. These calls are also recorded and can be retrieved at a later date for those investors who can’t make the call. If the deal is a good fit, we ask for a verbal commitment. Next, we work out the details in the PPM. This is our master document that delineates the structure, business plan, risks, operating agreement (outlines our responsibilities and split), subscription agreement (outlines number of shares of the LLC you own), and accredited investor qualifier form (if applicable). We also ask for a direct deposit form to be filled out so you can automatically receive your disbursements. With a finalized commitment and signed PPM in hand, we close the deal.