Due Diligence · An Operating Discipline

We don't just buy deals. We interrogate them.

Every Studio 168 acquisition runs through a 5-phase, 30-day due diligence framework backed by purpose-built software, exhaustive document libraries, and a team that has already touched tens of thousands of pads across the Sunbelt, Mountain West, and Midwest. This is what investors get when they back us — not a pitch, but an operating system.

DD Framework5 Phases · 30-Day Inspection Period
Seller Deliverables Tracked18 categories · hundreds of files per deal
Internal Apps Deployed12+ proprietary tools
Operating PartnerSilver Lands Management Group
DD Phases
5
Document · Physical · Financial · Legal · Approval
Inspection Window
30days
Two 15-day extensions on standby
Documents per Deal
300+
Organized into a structured data room
Proprietary Tools
12+
DD dashboards, data rooms, trackers, models
Pads Underwritten
100K+
Across 1,000+ deals reviewed since 2022
01 The Process 5 phases · 30-day inspection period
5-Phase DD Framework

A repeatable framework that turns a 30-day window into a stress test.

Every Studio 168 deal moves through the same five phases on the same clock. Phases overlap intentionally — legal and title run from Day 1, physical inspection begins by Day 5, and the financial deep dive starts the moment the rent roll lands. Each phase has a named owner and a hard gate. No deal closes without IC approval at Phase 5.

Phase 1 · Documents
Days 1 — 7
Phase 2 · Physical
Days 5 — 14
Phase 3 · Financial
Days 7 — 21
Phase 4 · Legal & Title
Days 1 — 25
Phase 5 · IC Approval
Days 21 — 30
Day 1 Day 5 Day 10 Day 15 Day 20 Day 25 Day 30
01
Document Review & Data Validation
All 18 seller-deliverable categories — hundreds of individual files — are logged, indexed, and cross-checked the moment they land. Rent roll ties to leases; T12 ties to bank statements; utility bills get trended against operating history.
Critical Tasks
Rent roll audit — tie occupied lots to lease files, verify rents and expirations
T12 P&L validation against bank statements; normalize non-recurring items
Utility bill 12-month trend; per-unit cost analysis
Delinquency aging + 5-year insurance loss runs
Timeline
Days 1 — 7
Owner
DD Team Lead
Gate: All 18 deliverables received and verified. Zero material data gaps.
02
Physical Inspection & Site Assessment
Boots-on-the-ground, lot-by-lot. The DD team, VP of Acquisitions, COO, and the Regional Manager who will own the property post-close walk every lot together — all powered by our in-house Onsite DD app that logs every inspection item, photo, and flag in real time.
Critical Tasks
Lot-by-lot inspection — condition, skirting, HVAC, roofing, utility connections
Infrastructure assessment — water, sewer, electrical, gas, road condition
Vacant lot & new POH placement readiness
Live capture inside the Onsite DD app — GPS-tagged photos, flags, auto punch list
3rd party engagement — PCA, Phase I environmental, ALTA survey
Timeline
Days 5 — 14
Owners
DD Team · VP Acq · COO · Regional Mgr
Tool
Onsite DD App (in-house)
Gate: No material physical deal-killers. CapEx within underwriting assumptions.
03
Financial Deep Dive
Beyond the quick screen. Every revenue line gets reconciled to bank deposits. Every expense category gets benchmarked against Silver Lands' standards: 50% OpEx ratio, $350/unit insurance, $500/pad CapEx reserve, 3% management fee.
Critical Tasks
Tenant tenure analysis + lease-up history + seasonal patterns
Market rent validation — drive comps, verify rent gap thesis
Updated pro forma with DD-verified inputs — revenue, expenses, CapEx
Insurance + utility quotes for SL-controlled scenario
Timeline
Days 7 — 21
Owner
VP Acquisitions
Gate: DD-verified NOI within 10% of underwriting. >10% drop triggers MAC review.
04
Legal, Title & Environmental
Runs parallel from Day 1. Legal counsel pulls title commitment, runs the Phase I environmental, samples 10% of leases, and clears every encumbrance, easement, and zoning question before we go hard.
Critical Tasks
Title commitment + ALTA survey review; identify all exceptions
Phase I ESA (ASTM scope) — trigger Phase II only if findings warrant
Zoning verification (conforming or non-conforming use)
Lien, litigation, and regulatory compliance searches
Timeline
Days 1 — 25
Owner
Legal Counsel
Gate: Marketable title. No material environmental issues. Zoning confirmed.
05
Final Approval & Close Preparation
All four prior phases collapse into a single DD memo. The Investment Committee reviews, the model is locked, financing is committed, and only then does earnest money go non-refundable. No deal closes without this gate.
Critical Tasks
DD summary memo — findings from all four phases reconciled
Investment Committee presentation + Go/Renegotiate/Terminate decision
Loan commitment finalized; SPE LLC formation; title insurance ordered
IR team handoff — capital call timing coordinated
Timeline
Days 21 — 30
Owner
VP Acq + IC
Gate: IC approval. Financing committed. Ready to close.
If a deal can't survive our 30 days, it doesn't deserve our investors' capital.
Studio 168 Investment Committee
02 Internal Apps Built in-house · Deployed on every deal
Proprietary Software Stack

DD isn't a checklist. It's a software product we ship for every deal.

We don't run due diligence in spreadsheets and email threads. Each active acquisition gets a purpose-built dashboard, a structured data room, and an onsite tracker — all branded, all version-controlled, all shareable with lenders, partners, and the IC. Below are four live examples from current and recent deals.

Pueblo 3-Pack · DD Dashboard
● LIVE
Phase
3 of 5
Days Left
11
Items Open
7
Risk
LOW
Workstream
Owner
Status
Due
Rent Roll Audit
KW
DONE
D-7
Phase I ESA
EH
REV
D-12
Title Commit.
RM
DONE
D-9
DD Dashboard · Acquisitions
Pueblo 3-Pack DD Dashboard
A Bloomberg-style operations dashboard for the active 30-day inspection period.
  • Live phase tracking with auto-calculated days-to-go-hard countdown
  • Workstream owner assignment, status tags, and overdue escalation
  • Rent roll, T12, utility, and lease audit modules built into one screen
  • Lender-shareable read-only views with watermarked deal IDs
Sunset Vista Estates
Overview
Deck
Market
Financials
A Stabilized Portfolio,
Institutional Grade
Three Pueblo communities · 314 sites · I-25 corridor
$24M
Equity
17%
IRR
2.1×
MOIC
8%
Pref
Investor Data Room · IR
Sunset Vista Data Room
A self-service investor data room — deck, market analysis, financials, and signed docs all in one URL.
  • Embedded interactive investor deck + chapter-by-chapter market analysis
  • Live financial model with sources, uses, waterfall, and sensitivity tables
  • Investment calculator — investors model their own check size and returns
  • Document hub: PPM, OA, subscription, K-1s, all access-logged
Sunset Country · Onsite
RECORDING
Lot 14 — POH inspected, photos uploaded
10:42
Water meter reading — main entry
11:08
!
Sewer cleanout — Lot 22 needs review
11:24
Clubhouse roof — full pano captured
11:51
FLAG: Lot 38 unpermitted addition
12:14
Vacant lot survey — 14 of 17 verified
12:39
Onsite DD · Field Operations
Sunset Country Onsite DD
A real-time field tracker for inspection day — every lot, every system, every flag captured live.
  • Lot-by-lot status: POH, TOH, vacant, new POH orders, all categorized
  • Infrastructure modules: water, sewer, electrical, gas, roads, common areas
  • Live photo upload, GPS-tagged findings, automatic punch list generation
  • Issues escalate automatically into the DD Dashboard for VP review
Studio 168 Productions
DealAssetsReturnsSponsor
A 996-pad Texas portfolio,
priced to a 7.5% Y5 cap.
Five communities · Rio Grande Valley + Wichita Falls · Recap underwritten to 14% IRR / 1.89× MOIC
$79M
Enterprise
996
Sites
14%
IRR
1.89×
MOIC
5y
Hold
Portfolio Valuation · Recap
Lone Star Portfolio Valuation
A self-contained recap pitch — full deal narrative, asset detail, returns analysis, sponsor edit.
  • Tab-switched investor view: The Deal · The Assets · The Returns · The Sponsor
  • Live cap stack visual, sources & uses, scenario-toggled returns
  • Property-by-property pro forma with submarket comp tables
  • Print-to-PDF ready for inclusion in CIM or lender packages
Onsite DD Checklist
SCORED · 68 of 92
💧Water System 3.2 / 4.0
Water main material
PVC / Ductile Copper Galvanized Polybutylene
🛣️Roads & Paving 2.6 / 4.0
Surface condition (% needing repair)
0–10% 10–30% 30%+
Implied CapEx $287,500
Onsite DD Checklist · Field Scoring
Infrastructure Scoring Checklist
Every system, every condition, every dollar of implied CapEx — scored in real time at the site.
  • 10 infrastructure systems — roads, water, sewer, electric, gas, drainage, trees, signage, fencing, lighting
  • Rubric-based scoring per item (1–4 scale) with contextual expert tips built in
  • Each rating auto-generates dollar-value CapEx using Silver Lands' benchmark library
  • Rolls up to a weighted Community score & an aggregated CapEx budget before we leave the property
Asset Mgmt Master
Monthly Review · Mar 2026
Portfolio Roll-Up
PropertyOccNOIvs Bgt
Willow Ridge96.4%$184K+4.2%
Sunset Vista94.1%$211K+1.8%
Pueblo 3-Pack91.7%$168K-2.4%
Sunset Country88.2%$142K+0.9%
Lone Star Portfolio93.5%$403K+3.1%
93%
Portfolio Occ
$1.1M
Mar NOI
+2.1%
vs Budget
Asset Mgmt Master · Monthly Review
Monthly Asset Review
One workbook — every property, every month, every metric that matters to the IC and investors.
  • Property-by-property occupancy, NOI, variance vs. budget, rent rate trend
  • CapEx tracking, collections aging, work order velocity, leasing pipeline
  • Month-over-month portfolio roll-up powers the GP Recap deck and investor reports
  • Live link to leading indicator dashboard — early NOI erosion gets flagged before month-end

These six apps are a sample. The full Studio 168 stack includes refi trackers, leading indicator dashboards, GP recap decks, monthly investor reports, rent rate summaries, bank statement extractors, and the LOI/PPM document generators — all built in-house, all reused across every deal.

03 Document Library ~300 documents per deal · Six categories
The Data Room

Every document. Every photo. Indexed, version-controlled, searchable.

A typical Studio 168 acquisition generates hundreds of documents during DD — rent rolls, T12s, Phase I ESAs, lien searches, lease samples, lender term sheets — plus thousands of onsite photos captured by the DD team during the lot-by-lot inspection. Every file and every image is tagged, geo-referenced, and stored in a structured folder hierarchy that mirrors the 5-phase framework. Below are the six core categories.

CAT.01
Financial & Operations
Rent roll (current + 12-month historical)
T12 P&L with monthly detail
3-year audited financials
Bank statements (12 months)
Utility bills by service (12 months)
Property tax bills + assessor records
Insurance loss runs (5 years)
Delinquency aging reports
Vendor contracts & service agreements
~85
Files / Deal
CAT.02
Physical & Inspection
Lot-by-lot inspection report
POH / TOH / vacant lot inventory
Property Condition Assessment (PCA)
Aerial + ground-level photo library
Infrastructure schematic (water/sewer/elec)
Road condition survey
Common area evaluations
CapEx scoping memos by category
~60
Files / Deal
CAT.03
Legal, Title & Environmental
Title commitment & exception schedule
ALTA / boundary survey
Phase I ESA (full ASTM scope)
Phase II ESA (if triggered)
Zoning verification + use letters
10% lease sample + non-standard flags
UCC / lien / litigation searches
HOA / POA bylaws (if applicable)
~45
Files / Deal
CAT.04
Underwriting & Modeling
Quick screen scoring matrix
Full pro forma (5-yr + 10-yr)
Debt schedule + amortization
LP/GP waterfall analysis
Sensitivity tables (cap rate, rent growth)
CapEx ROI modeling by project
RUBS implementation modeling
Market analysis & rent comp survey
~40
Files / Deal
CAT.05
Lender & Capital
Lender request narrative + executive summary
Term sheet (Fannie / Freddie / regional)
Sources & uses statement
Sponsor track record packet
Liquidity / net worth schedules
Debt sizing memo + DSCR analysis
Existing loan docs (if assumption)
Loan commitment & closing checklist
~35
Files / Deal
CAT.06
Investor & Compliance
Private Placement Memorandum (PPM)
Operating Agreement (parent + SPEs)
Subscription agreement & investor questionnaire
Reg D 506(b) compliance file
Capital call notices + contribution receipts
SPE LLC formation documents
Investor data room (this format)
Closing binder + final settlement statement
~35
Files / Deal
04 The Trackers Live operational systems · Always on
Always-On Operating Trackers

Trackers that don't sleep when the deal closes — they follow it.

DD doesn't end at closing — it transitions into asset management. Each property carries its own set of always-on trackers from acquisition through hold to refinance or exit. Below are the recurring trackers Studio 168 maintains across every deal in the portfolio.

Pipeline Tracker
Monday.com-backed pipeline of every active deal — sourced, screened, LOI, DD, closing, ops handoff
Acquisitions
DD Inspection Period Tracker
Per-deal countdown clock with all 5 phases, owner assignments, and gate status
DD Team
Refi Tracker
Bloomberg-style HTML dashboards per property tracking value-add progress vs. refi readiness
Asset Mgmt
CapEx Tracker
Project-level CapEx budget vs. actual with ROI scoring and 5-year capital plan rollup
CapEx Dept
Leading Indicator Dashboard
Work orders, leasing velocity, collections, maintenance KPIs — early warning on NOI erosion
Operations
Bank Statement Extract
Monthly automated extract of ending balances across Chase, Five Star, KeyBank into one view
Finance
Rent Rate Summary
Portfolio-wide month-by-month rent tracker — in-place, budgeted, implied, increase timing
Asset Mgmt
GP Recap Deck
Auto-generated monthly ~70-slide PPTX covering compliance, asset mgmt, finance, IR, ops, acquisitions
Executive
Monthly Investor Report
Studio 168 branded 10-slide PPTX per property — occupancy, NOI, CapEx, looking ahead
Investor Relations
90-Day Ops Handoff
Phased checklist for transitioning a closed deal from Studio 168 acquisition to Silver Lands operations
Operations
LOI & PPM Generators
Templated document builders that pre-fill standard terms from a single deal record
Legal
Quarterly Investor Update
Per-property letter + distribution notice with portfolio-level performance rollup
Investor Relations
05 The Edge What this gets investors
Why It Matters to Capital

Investor protection is a process, not a promise.

Most operators sell the upside. We sell the floor. Every dollar an investor commits to a Studio 168 deal is run through this exact framework before it hits the wire. The deals you see — Pueblo, Sunset Vista, Lone Star, Sunset Country — only exist because they cleared all five gates.

EDGE 01
Deal-killer discipline.
Eight specific deal-killers terminate immediately — no exceptions, no rationalization. Material environmental contamination, NOI decline >10%, unmarketable title, $500K+ infrastructure surprise, regulatory non-compliance, undisclosed litigation, fraud, or lender refusal. We walk before we close.
EDGE 02
Operating partner integration.
Silver Lands Management Group operates every property we acquire — the same team underwrites the deal and runs the deal. No third-party PM hand-off, no gaps between projection and execution. The DD assumptions and the operating budget are written by the same hand.
EDGE 03
Software, not spreadsheets.
Twelve-plus purpose-built apps replace the email-and-Excel chaos most sponsors live in. Investors get living data rooms, lenders get read-only dashboards, and the IC gets a single source of truth. Everything is version-controlled, watermarked, and shareable.
EDGE 04
Post-close continuity.
Closing isn't the finish line — it's the start of a 90-day operations handoff that's its own checklist. From there, monthly investor reports, refi trackers, and leading indicator dashboards keep the deal under continuous observation until exit.
Continue the Conversation

See the framework in action.

Every deal in our portfolio is documented this way — and every prospective investor gets full transparency into the process. Pull up any of the live apps above, or reach out for a walkthrough of an active DD with the team.