When we say “sponsor” or “general partner,” it suggests this partner is one person, however it may in fact be a team of people. This is a good thing, as a successful deal requires extensive knowledge in a wide range of subjects as well as the ability to fulfill varied responsibilities. One person can rarely execute all of these things on their own successfully. When canvassing sponsors, ask about their team, including who their partners are and how they met. Ask what skillsets their team members bring to the table and whether one of the members is a property manager. If they are, prior experience in property management is a must as the operations must be managed day-to-day. You can ask more questions about the property manager and/or his company, such as whether they operate other apartments in the same submarket, how many units they manage, and how long they’ve been in business.