Split my first $60k across two sponsors. The reporting difference alone justified it.

I had $60k and a sponsor I liked with a $50k minimum. Almost put the whole thing in one deal. Instead I asked both that sponsor and a second one whether they'd take $30k. Both said yes without hesitation, which itself told me the minimums were softer than the deck suggested.

Six quarters in, the two positions are performing similarly. Distributions are close to the projected range on both. The real difference is what shows up in my inbox.

Sponsor one sends a quarterly letter with a rent roll summary, trailing twelve month operating statement, occupancy, delinquency, and a paragraph on what went wrong that quarter. Sponsor two sends a two page PDF with distributions and a photo of the property.

If I'd put all $60k with sponsor two I'd have no idea how that building is actually doing. I'd have found out at exit.

What nearly broke it: I felt awkward asking for a reduced minimum on my first ever deal. Took me a week to send the email.

What I'd keep: ask for the reduced minimum, and ask to see a sample quarterly report before committing rather than after. Sponsor two would have shown me the two pager if I'd asked, and I'd have known.