What's inside:

• Opening move: "Walk me through your Class A structure" (listen for 8–9% current + kicker to ~12–13% IRR, senior to common)
• Cash flow reality check: "What's your Year 1 DSCR at base and +100 bps stress?" (separates real operators from spreadsheet heroes)
• Cap discipline test: "How do you size your senior layer?" (look for ~20% cap or reasoned limit)
• FoF economics probe: "Our standard is 2% upfront, 0.5%/yr admin, ~90/10 promote—do your A+ terms support a 0.5–1% spread?"
• Governance litmus: "If you transfer assets internally, what's your arm's-length process?" (appraisals, BOVs, LP notices)
• Close or pass: green light to data room, yellow for 3-doc package, red for professional pass

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