# First-Deal Operator Checklist

Educational use only. This resource is not investment, legal, tax, accounting, or securities advice. It is not an offer to sell or a solicitation of an offer to buy any security.

This checklist is for active investors learning the operating path. It does not replace legal, tax, lending, insurance, or property-management professionals.

## Deal sourcing

- [ ] Define asset type, geography, size, and return/risk profile.
- [ ] Build broker, owner, lender, and property-manager relationships.
- [ ] Track every lead with source, date, asking price, and follow-up.
- [ ] Write a pass reason for deals you reject.

## Debt readiness

- [ ] Speak with lenders before signing an LOI.
- [ ] Gather personal financial statement or entity financials if required.
- [ ] Understand rate, proceeds, amortization, reserves, covenants, and recourse.
- [ ] Build a refinance-delay downside case.

## Diligence queue

- [ ] Rent roll and lease audit.
- [ ] T-12 and general ledger review.
- [ ] Property condition assessment.
- [ ] Insurance quote.
- [ ] Tax reassessment estimate.
- [ ] Utility, payroll, repairs, and contract review.
- [ ] Capex budget and timeline.

## Operations plan

- [ ] Property-management responsibilities.
- [ ] Reporting cadence.
- [ ] Renovation sequencing.
- [ ] Cash-management process.
- [ ] Emergency decision path.
- [ ] Investor communication plan, if investors are involved.

## Compliance reminder

If you raise capital, treat compliance as a first-class workstream. Engage securities counsel before discussing terms, documents, advertising, or investor eligibility.