The sponsor / general partner’s responsibilities include: finding the deal, reviewing / qualifying the deal via underwriting, negotiating the offer, gathering and coordinating property inspectors, secure financings, coordinating with attorneys to create the LLC, draw up partnership agreements, visit the property and perform due diligence, perform market research, hire and oversee property management, manage ongoing asset management such as lender conversations, ensuring the business plan is acted upon, and communicating with the limited partners.