The document review is the cheaper half of diligence and the less predictive one. PPMs are drafted by a small number of securities firms and read broadly similar. What differentiates outcomes is the sponsor, and that work is unbilled and mostly your time.
Concretely, for a manufactured housing community operator I'd ask for a full deal list, every asset ever acquired, including the ones that went badly, with purchase date, purchase price, debt at acquisition, current or exit debt, and distributions actually paid against distributions projected in the original offering. Then ask directly: have you ever issued a capital call, have you ever suspended distributions, have you ever missed a loan covenant, has an LP ever sued you. Sponsors who answer those crisply have thought about them. Sponsors who redirect to their IRR track record are telling you something.
On manufactured housing specifically, the underwriting question is lot rent trajectory and whether the pro forma assumes big annual increases on residents who own their homes and can't easily move them. That's where the projected returns usually come from, and it's also where the political and reputational risk sits. Check what the loan looks like too, term, amortization, whether there's a rate cap and when it expires, because a 2028 maturity on a five-year business plan is the thing that forces a capital call.
Ember's right that risk factors repeat. Read the capital call section anyway. Whether non-participation dilutes you at a punitive rate or converts to a loan against your position changes what your downside actually is, and hollow, at 50k that clause matters more than the fee schedule.
