Gone through the document again. A couple of points:
1) I am glad you have included disclosure re: management partaking in repairs and rehab, although I think you still need more clarity beyond merely "We promise not to charge too much".
2) It appears that your 10% management fee comes off the top. Therefore I suggest you rephrase your definition of "net income" to include it being post management fee expense.
3)There is a good chance that the FMV per share could very well change from block #1 to #2 to #3, etc. I think you need to flesh out how exactly your secondary offerings are going to be priced. I could imagine a scenario, for example, in which you issues block#1 then over the course of 2 months the shares drift downward, at which point you issue block #2 at the suppressed levels and dilute the hell out of the existing shareholders.
4) Your "Dissolution" section is a bit weak. First, I think you should drop this buyback @110 nonsense. It is way to easy for management to abuse such a clause especially if it is not weighted or a historical average. We are not talking about a bond here. Second, it is not feasible for shares to be converted into a direct ownership stake in the RE. For a big chunk of your investors located outside of the US, it is not even legal.
I have more comments, but this is enough for now.
#1 - On the management sub-page it states it can't be beyond normal rates locally. I'm not sure the best way to define this outside of procuring rehab prices from multiple contractors then averaging. That would take a good deal of time to do especially for small projects.
#2 - Changed the term
#3 - I've been trying to figure a good way to address this. One option i thought of was to list the company on BF as an absolute max of 100,000 shares with no second or 3rd generations. If additional funding is needed I then would list a similar asset on BTCT as a bond only (No equity rights) and use that as hard money while we obtain traditional financing. This would increase share value while avoiding any dilution with the core company.
#4 -I could do historical average but then it would be pretty easy to manipulate too.
You're right about direct ownership, it just won't work. Liquidation will be the only option.