1. Target Acquisition Identified.
2. Letter of Intent issued.
3. Review of existing due diligence materials;
Historical Financial Statements
Current Rent Roll
"Safe Harbor" Compliance
Environmental and Engineering Reports
Appraisal
Proposed Management Company
4. Perform additional due diligence as necessary including site inspection and market study.
5. Informal discussion and approval from board members. If time allows acquisition is discussed at next quarterly board meeting.
6. Rating process or enhancement approval.
7. Final approval of transaction via unanimous consent of the board.
Although there is no formal "acquisition" committee, the President is in weekly contact with a number of board members regarding any pending acquisitions.
