Offering memo 1

Proprietary & Confidential
CONFIDENTIAL
Investment Overview:
Rental Strategy
24682 DEL PRADO │ SUITE 200
DANA POINT, CA 92629 │949 276 4166
www.pintarinvestmentcompany.com

Pintar Investment Company Overview
Vertically integrated real estate investment co. / operator in the Southwest and Southeast 1
 Vertically integrated Founded in 2008
 Manage 2 funds (Rental and Arbitrage (“Flip”))
 Offer property management and property
preservation capabilities to other funds
 Operations throughout Southwest (including
California, Nevada, Arizona) and Southeast
(Georgia, Florida)
 Over $600M invested in past 15 months
 Institutional partnerships
 Multi-investor fund
 Over 2,500 homes under management
 Currently deploying $40M - $60M /
month
 Over 100 employees / contractors
 Analyze 1,500 – 2,000 properties / week
 Extensive investment in technology tailored to
drive timetables and improve investor outcomes
 Partners invest substantially all of their capital
alongside – and on same terms as – our investors
 Commitment to investor transparency

• $40mm of acquisition availability
• Fund seeks to arbitrage mispriced assets by purchasing,
renovating and selling homes to generate short term
profits
 6% preferred return / ~20% targeted annual return
 3 – 6 month average inventory cycle
 Moderate leverage (1:1)
• Fund has continued to find opportunities by buying
properties that are “outside of the box” of institutional
rental investors
 Higher price points (>$400K)
 Attached, multi-family, unwanted format (e.g. 4
bed /1 bath)
 Liquid. As homes are sold, investors can elect to re-
invest, withdraw gains and/or withdraw principal
 Commitment to investor transparency and reporting
 Alignment of Interests
 No management fee / only share of profits
 Partners have invested materially all of their savings
in our two funds - on same terms as investors.
Residential Rental Strategy
• Close to $500mm of Assets under Management
• Fund seeks to purchase, renovate and rent homes
 Compelling current yield. Quarterly cash dividends
/ 8% preferred return
 Participate in long tern growth in housing sector
• PIC‟s experience flipping homes demonstrates our
ability to buy at a discount
• Focus on asset utilization – we strive to minimize
vacancy and delinquency
 Cooperative approach with occupants
 Closely managed rehab reduces renovation
timetables
• We operate over 2,500 homes in our core area – this
„density‟ generates unique insight
 “Right sizing” renovation spend for what the area‟s
demographic values
 Understanding how residents value homes in each
of the neighborhoods in our areas
• Our interests are aligned with our investors. Partners
have invested materially all of their savings in our two
funds - on same terms as investors.
Pintar operates two multi-investor funds investing in the residential housing sector
We Offer Investors Two Strategies
Residential Arbitrage Strategy

Pintar Investment Company Overview
• We source, gain possession, renovate, lease and manage
• Operations throughout CA, AZ, NV and in GA / FL
• $300M of homes purchased in past 12 months
• Over 150 employees / contractors
• We offer investors 2 residential strategies:
• Arbitrage (“Flipping”)
• Buy and Hold (Rental)
Vertically
Integrated
Residential
Operator
• Centralized acquisition team evaluates ~1,500 homes/week
• Unique market insight and understanding of trends
• Renovation team completes over 100 homes per month
• We know how to optimize the renovation spend
• We manage over 2,000 homes
• We‟ve “clustered” our assets to improve cost
efficiency and service
Our Scale
Improves
Investor
Outcomes
• We use our database to capture all acquisition / renovation
and leasing data
• Drives timetables by allocating responsibilities and tracking
accountability
• Generates variance and exception reports to alert
management to potential issues
• Proprietary data from 2,500 homes provides feedback to
improve our valuation and selection processes
Our IT
Improves
Investor
Outcomes

Our Geographic Scale Improves Our Market Knowledge
SFR Rentals in Las Vegas Area
SFR Rentals in Sacramento Area SFR Rentals in Atlanta AreaSFR Rentals in Southern California
Our operations are concentrated
in the Southwest (California,
Nevada and Arizona) although we
have recently opened a regional
office in Atlanta to manage
properties in Atlanta and Florida
Examples of holdings in key cities
within our core geographies
WHY IS THIS AN ADVANTAGE?:
Our scale provides us a broader
opportunity set to select
acquisitions and provide greater
diversification

Pintar Differentiates Itself from Competitors
Focused
Timeline
Management
We See More
Deals
Deal Velocity
Provides
Market Intel
Centralized
Acquisition
Effort
Geographic
Presence
We
Optimize
Renovation
Experienced
Contractor
Teams
Our Scale
Reduces Your
Costs
Velocity
Drives
Faster Lease
Times
Our Scale and Vertical
Integration Shortens
Timetables and Improves
Outcomes
• Core acquisitions
team assures
consistency
• Shares knowledge
and best practices
• We analyze ~1,500
transactions/week
• Velocity generates
unmatched market
insight
• Purchase volume
generates access to
„pocket listings‟ and
other proprietary
deal flow
• Flipping heritage
fosters an
infrastructure and
culture of urgency
• Daily portfolio
summaries
• We bring an
institutional
reporting
mindset to our
operations
• More homes on-market
drives faster lease
times for all homes
• Cost / benefit
approach to
rehab.
• We know what
tenants value
Timely,
Transparent
Reporting
„Geo-Density‟
Improves
Outcomes
• Platform manages
~2,500 assets
• We see more
potential
transactions
• Labor and
Materials
efficiencies
benefit our
partners
• Our portfolio density reduces
costs, allows us to provide
better customer service and
improves returns
• Dedicated
contractors /
consistent
standards

CONFIDENTIAL
Market Overview:
Our Markets Offer Strong
Potential Appreciation
DANA POINT, CA 92629 │949 276 4166

•
“I Would Load Up on Them”
“Single Family Homes – I would load up on them … it is a very attractive asset class now.”
- Warren Buffet, when asked by CNBC where he would invest today
Home Price Appreciation
• Our geographic footprint and in our core
rental areas create unique operating and
cost efficiencies as well as additional
sourcing opportunities. These
advantages improve investor outcomes
• Despite significant household
formation, new home build has been
lagging historic averages by 1mm
homes / year for the past 5 years
• The average cost basis of our homes
is below replacement cost, creating
price support
• Many tenants can afford to buy the
home they rent, but can‟t get credit.
As credit is restored, we expect these
tenants will buy homes and drive
prices
• Appreciation in our markets has been
strong, yet prices are still less than
65% of peak
Historic Affordability
Price < Replacement Cost
Lack of New Supply
High Barriers to Entry
WE BELIEVE TODAY‟S MARKETS OFFER INVESTORS A UNIQUE OPPORTUNITY

CONFIDENTIAL
Process Overview:
What do we do and
Why select Pintar?
DANA POINT, CA 92629 │949 276 4166

Documentation /
Closing and Funding
Process Overview: Managing Rentals Requires Infrastructure
PROPERTY
PURCHASED
Physical Inspection
Trustee Sale Bidding
and Tracking
Property Assessment
/ Due Diligence
Valuation / Tax and
Title Research
Sourcing, Underwriting,
Negotiating
AUCTION
CHANNEL
SHORT SALE /
DISTRESSED
MLS CHANNEL
While managing any single asset is generally straightforward, managing a portfolio of different assets with
different needs requires extensive infrastructure to coordinate tasks, manage cost and drive timetables
REHAB AND PROPERTY
MANAGEMENT
SOURCING AND
ACQUISITION
* Days represent averages across entire portfolio
PROPERTY
MANAGEMENT
RENOVATION
20* Days
MARKETING
20* Days
PROPERTY
LEASED
POSSESSION
20* Days

Our Systems Govern all Processes and Drives Efficiency
We have fully integrated our acquisitions function with our property management function by using a
single governing system (salesforce.com) which we’ve tailored to track every asset from its acquisition,
govern our efforts to gain possession, drive renovation timelines and record all transactions
Before
After
WHAT IS OUR ADVANTAGE?:
We‟ve built one of the most rigorous IT
platforms in the country. Because of this
system and the proprietary information
from the ~2,500 homes we‟ve purchase /
manage, we make better decisions and
drive better investor outcomes

Proprietary & ConfidentialSuccess at the auction requires an expedited, coordinated diligence effort and a good understanding of value in area
Acquisitions: We Can Build Scale Efficiently at Auctions
Success at the trustee sales requires the capacity to process the
200+ potential opportunities that might be available for auction,
separate compelling acquisitions from a larger pool, physical
inspect the asset, perform due diligence on the tax history / title
search and execute a successful bidding strategy
Bidders that are at the courthouse steps / trustee sales relay prices
back to a centralized acquisitions group, where they analyze the
prices real time and confirm the prices
TAX AND TITLE
SEARCH RESULTS
08/28/12
FIRST LOAN
TAXES CURRENT
12/10 $1363.35
04/11 $1363.35
NO LIENS
Property FMV evaluated with comps
Rent rates consider many factors, including absorption
rates, vacancy, and at least 3 recent comparable rentals.
DRIVE REPORT- Occupied 2 story 2 car
on cul de sac. House exterior good.
Front yard needs water and fertilizer.
Nice neighborhood. Small cul de sac.
Backyard has a little hill in back with
houses above. Interior appears to be in
good condition, kitchen shows recent
redecoration and good care. Some
carpet damage in living area No
contact.
WHAT IS OUR ADVANTAGE?:
We are one of the few operators that can find
valuable buys, in scale, at the auctions

Some of our supply is generated by a series of dedicated, external brokers who understand our purchasing
model and pre-screen potential acquisition candidates
Acquisitions: We‟ve Built a Network of Exclusive Brokers
• 1. We have recruited an
extensive network of outside
(“external”) brokers looking
for discounted homes for
rental and flips
• 2. Network of Short Sale /
REO Brokers present homes
that meet our yield
requirements and program
stipulations
3. Our Acquisitions
Team will review the
home and if the
home is a good fit
with our portfolio,
have the broker
write an offer
4. Price and terms are
negotiated and escrow
opened.
•dedicated inspectors
assures that we can
accurately project the
renovation costs / cost basis
of home in advance of
purchasing the home
We use
dedicated
transaction
coordinators.
to manage timeline, ensure
consistency and drive the
process
5. We use dedicated
assessors to inspect
any home we have
in escrow. Using the
WHAT IS OUR ADVANTAGE?
This network of brokers, improves the quality of
homes we buy, by presenting us with dramatically
more opportunities. These broker relationships take
time to build and are difficult to replicate

Through our own brokers, we scour the universe of available properties looking compelling homes
Acquisitions: We Write Hundreds of Offers Per Month
• 1. We have an “Internal”
acquisitions team, who uses a
variety of methods to survey
homes in our regions and find
those that may make
compelling acquisitions
3. Our Acquisitions
Team will contact the
broker to better
understand the property
and get a sense for sale
dynamics
4. Price and terms are negotiated
and escrow opened.
• 2. Each property is evaluated
in detail to make sure it fits
in the program and presents
compelling economics
to manage timeline, ensure
consistency and drive the
process
We use
dedicated
transaction
coordinators.
5. Dedicated
inspectors, tax
/ title research
are evaluated
Any price or deal
adjustments made, yield
recalculated and, if it‟s
still attractive, deal
We are able to take a proactive
approach to portfolio
management and able to buy
homes – on average – at a
discount to even the auction
The number of homes we manage provide us a good sense of what improvements drive value in each of
the neighborhoods where we operate. The insight our volume provides us is unique and difficult to copy

Sourcing: Our Arbitrage Fund Shows we Buy at a Discount
Blue Bar = Average Sales Price
= Average ROE of Homes Sold
Red Line = Discount to Market (Sales Price
less All-in Cost)
The best proof of our capability to acquire homes at a discount is demonstrated by our arbitrage fund
- where we sell the homes we buy (usually 3 – 5 months after purchase) – rather than lease them
[The rental fund‟s capital appreciation is enhanced by the fact we buy assets at a discount to their FMV]
Arbitrage Fund Returns Stratified by Quarter Sold
As institutional rental investors have entered the
market, we’ve found the prices of the most attractive
rental homes ($150K - $300K) have been bid up to
FMV. As a result, we adjusted our arbitrage
strategy to increasingly, focus on premium end of
the market, where we’ve continued to find value

Our drivers are trained to work
with the occupant to facilitate a
lease: including offering to lease
the home back to the occupant,
cash for keys, relocation
assistance and counseling.
Collaborative (65%*)
In a small percentage of our
homes, the tenant assumes an
adversarial stance. In each of our
areas, we have a standard
eviction process and work to
maintain a positive dialogue with
the occupant throughout
Eviction (10%)
Home is purchased without an
occupant. Home is assessed and
renovation begins immediately
Vacant (25%*)
Possession: Our Cooperative Approach Improves Outcomes
One of the reasons homes at the
auction often trade at a discount
to their FMV is because they are
often still occupied
Our drivers are trained to work
collaboratively with the
occupant to either (1) lease the
home back to the occupant or (2)
produce a vacated home
Depending on the situation,
we’ll offer cash for keys,
alternative rental homes,
relocation assistance and
references to help that occupant
stay in the neighborhood and
find a suitable residence
Collaborating with the occupant is the right thing to do and produces better outcomes (occupant living in your asset)
We Collaborate with Occupants
?
Before we bid, our drivers will ascertain whether a home is
occupied (and if so, try to talk with the occupant to see what
his intentions are and factor that into our bid)
* Occupancy of approximate
percentage of homes we’ve purchased
at auction (MLS purchases are vacant)
Occupied homes typically trade
at a deeper discount. We‟re
good at driving better outcomes
from occupied homes while
building constructive
relationships with the occupant

Renovation: We Optimize Our Rehab for What Customers Value
Item Bid Amount
1,500
300
400
800
1,500
150
30
250
250
400
1,600
500
100
1,200
400
x x x x x 1,176
x 300
x 120
60
x x x x x 850
Additional Notes: ADD ONS drywall repairs entire house $900.00
450
250
325
175
200
300
150
225
x 225
x x x 90
x x x 525
x x 60
x x 40
x x x 70
x x x 40
700
ADD ONS remove and haul away chain link fence in front and side yard $500.00
need 3 sets of matching door hardware $150.00
need garage door remote and program $50.00
80
Sq ft 205 550
Sq ft 35 200
17,796
Port Street Realty Corporation
Property Assessment Worksheet
need shower rods
shower heads
Total
missing / damaged towel bars
missing or damaged paper holders
trim and clean up property / bark front planters
needs new fixtures on wall
power wash entire exterior
misc. faucet parts
remove old and replace
check only
ADD ONS FROM BELOW
remove and haul away 90 ft of old wooden fence and replace wth new
new fence gate needed
check sprinkler system
need 2 porch lights
need 1 gfi waterproof outlet cover
check only pool condition and fill
need some new frames and re-screens / replace 1 broken window
Repair Notes
Trash out entire house - extreme debris thoughout property
check only for roof repairs
paint fascia where needed
paint all wood on front of house
Vinyl
Other Flooring
remove and replace vinyl in kitchen and 3 bathrooms
remove and replace entry tile
need new stove
Smoke Detectors
Lighting
Opening Size
Opening Size
Bath/Shower Valve
Towel Racks
Toilet Paper Holder
Light Fixtures
Sink / Faucets
Toilet
Bathtub/Shower Enclosure
Cabinet Drawers-Repairs
Counter Tops
Walls / Ceiling
Hanging Light Fixtures
Light Fixtures
Exterior Power Wash
Doors / Hardware
Window Coverings
GFI outlets
Pool Condition
Pool Equipment
Walkways
Light Fixtures
Fence
Gate
Irrigation
Landscape
Windows / Screens
Range
Microwave
Paint
Dishwasher
Debris removal
Roof - Shingles
Roof - Eaves / Fascia
Light Fixtures
30"
30"
24"
need smoke and carbon detectors
ADD ONS FROM BELOW
need new microwave
need new dishwasherOpening Size
Sink / Faucet
Cabinet Doors-Repairs
paint entire inside of home @ .85 sq ft
need nook light fixture
replace hanging light at top of stairs
shelve paper needed in all drawers
re-grout tile counter tops
need door stops throughout home
re-finish all kitchen cabinetry
need new faucet
vertical blinds throughout
re-do 2 can lights in kitchen ceiling
The number of homes we manage provide us a good sense of what improvements drive value in each of
the neighborhoods where we operate. The insight our volume provides us is unique and difficult to copy
INITIAL ASSESSMENT
DOLLARS WE SPEND ON RENOVATION TEND TO DRIVE BETTER RETURNS
We recently studied a population of the past 18 months of our arbitrage
fund (flip fund) transactions. On the x-axis, we charted the amount of reno
as a percentage of total cost (Renovation $ / Total Cost of Home) and on the
y-axis, we charted annualized returns. For renovation between 5% and 20%
of total cost – for every additional % of renovation performed, we generated
almost 4% of incremental annual return
Our construction crews,
assessors and construction
management are familiar with
both our standard and scope of
work and can produce optimized
renovation packages on
expedited timetables

Marketing: Volume of Homes Support Multiple Strategies
• We work to understand whether
there are government or private
assistance programs in our area
(e.g. subsidies and assistance for
veterans, Native Americans)
• We list properties on ~60 websites
(Craiglist, Hotpads, Redfin etc.)
• When a prospective tenant calls,
our agents direct that tenant to our
website – where we show multiple
listings in the same area.
• Often the tenant will end up
selecting another property from the
website
• We seek out local area employers
that employ our target
demographics (hospitals, schools)
and design marketing programs to
raise awareness
• Convert the existing occupant into
a tenant
• Get referrals from occupant or
neighbors
• We work to drive direct leasing as
saves renovation costs and reduces
vacancy
Because of the robust supply of properties we have on market, we can employ a variety of strategies
Volume of supply supports
multi-pronged marketing
channel driving shorter
time-to-lease and better
outcomes for our investors

Our Rental Model Generates Compelling Returns
FINANCIAL PROJECT
LEVERED RETURNS
Investor Hold Period (Yrs): 5
Total Nominal Profit $16,446,462
Peak Invested Equity $14,999,290 Financing
IRR 17.0% LTC: 60%
Equity Multiple 2.10x Coupon: 0.045
NET PROFIT ASSET
Revenues Single Asset Total Project Blended Yr. 1
Net Sales Proceeds 608,470 55,480,258 Annual % Monthly Las Vegas % SoCal %
Net Operating Income 90,365 8,494,328 Purchase Price 344,000 240,000 94% 400,000 91%
Total Revenues 698,835 63,974,586 Avg Basis 375,940 255,300 100% 440,900 100%
Costs Avg Value 421,053 285,936 493,808
Acquisitions 378,657 35,593,762 Embedded Equity 12.0% 12.0% 12.0%
Finance Charges 52,027 4,890,511
Total Costs 430,684 40,484,273 Gross Income 31,391 7.9% 2,616 22,200 8.7% 33,600 7.6%
EGI 29,194 93% 2,433 20,646 93% 31,248 93%
Net Profit $268,151 $23,490,313 Expenses 8,946 32% 745 7,795 38% 9,340 30%
Net Yield 19,664 5.2% 1,639 12,438 4.87% 21,283 4.83%
MACROECONOMIC
65%
35%
Equity Allocation
34
60
# Homes
6%
11% 11%
7%
4%
9%
20%
15%
8%
3%
45%
6%
0%
10%
20%
30%
40%
50%
0%
5%
10%
15%
20%
25%
Year 1 Year 2 Year 3 Year 4 Year 5
S. CA - HPA
Las Vegas - HPA
Absolute Blended HPA
Absolute Expense Esc.
Annual Absolute
Las Vegas
S. CA
Our rental strategy offers investors the opportunity to participate in the long-term appreciation
expected in the Southwest while receiving a modest cash dividend
ASSUMPTIONS
• 4 year hold
• Average basis in
home ~375K
• Appreciation
based on John
Burns‟ Research
• Basis at a 10%
discount to FMV
• Stabilized
portfolio
produces ~8%
gross rental yield
• 5% annual cash
distribution
• Leverage at 60%
of cost
• 4.5% coupon

CONFIDENTIAL
Management
Biographies
DANA POINT, CA 92629 │949 276 4166

Our Executive Team
Stage
2
Stage
3
Stage
4
Stage
5
Jeff Pintar
• Founder and Managing Partner
• National Partner - Panattoni Development Co.
• CB Commercial
• California State University – Fresno (B.S. Marketing)
Steve Doll
• Partner, Business Development
• Managing Director – Carrington
• Managing Director,
Investment Banking – Credit Suisse
• MBA – University of Chicago,
Honors (Economics)
• BS – Pepperdine University
Greg Sellers
• Chief Operating Officer
• Regional Operating Officer –
Panattoni Development Co.
• Vice President – Bank of America
• MBA – UC Davis
• BA – Texas A&M
(BA – Business Administration)
John Kralik
• Partner, Acquisitions
• President and Owner,
JT Investment Properties
• Vice President, DC Commercial
• Loyola Marymont University
(BA – Business Administration)
Steve Brahs
• Head of Port Street Realty
• Vice President and GM –
Business Property Div –
The Irvine Company
• First Service Corporation
• Whittier College (BA
Business Administration)

CONFIDENTIAL
Term Sheet
DANA POINT, CA 92629 │949 276 4166

22
Fund Name: Dhando Residential Fund
Manager: PIC LLC
Goal: Create compelling quarterly cash distributions for investors while
mitigating downside risk. We buy distressed homes through various
channels, renovate and then seek to rent those homes for a reasonable
cash yield. We will then seek to create capital gains for our investors
by selling these homes into a higher priced market
Preferred Return: Investors earn an 8% preferred return on their invested balance. If our
quarterly cash distribution is less than 8%, the balance will accrue to
their capital balance and will be paid before any profit split
Minimum Investment: $100,000 or other amount at the discretion of the manager
Term: 5 year lockup with one 1 year extension
Overhead cost reimbursement: 1% of the invested balance per year paid to Manager for administrative
costs
Profit Splits: 70% to Investors and 30% to Manager after the 8% preferred return
Distributions: Quarterly
Target Leverage: Not to exceed 75% of value
Other Fees: Quarterly and Annual accounting fees to outside auditor and accountant
Overview of Key Offering Terms of Fund

Overview of Key Offering Terms of Fund
23
Acquisition Channels: First Trust Deed Foreclosures, REO‟s, and short sales
Property Type: Single Family Residential
Market: Broadly, throughout the Southwest – including California, Nevada and Phoenix
– and in the Southeast, notably Georgia and Florida
Title Holder: The Fund takes title to the properties – as an investor in the fund, you own
the property
Renovation / Rehab: We believe the best opportunity for PIC to create value for its investors is
through renovations. Homes that have fallen into a state of modest disrepair
sell for a discount that is meaningfully greater than the amount we‟ll spend
on renovation. However, we tend to avoid the risk of major renovation in
favor of shorter timelines. Typically, we purchase homes where we believe
the property will need <$50,000 improvements / home

CONFIDENTIAL
Risk Factors and
Other Investment
Considerations
DANA POINT, CA 92629 │949 276 4166

25
Alignment of Interest/Co-Investment
• The principals of PIC have substantially all of their capital invested alongside of our investors
Debt Guarantee
• PIC will provide any and all necessary guarantees required for any debt financing.
Diversification
• The Fund will diversify its investments across many properties in various markets across Southern
California. Including the ability to hold a portion of the assets, not to exceed 35%, long term as rentals
and decrease capital gains taxes.
Limited Capital Exposure and Risk Period
• The Fund will target an average purchase price of $250,0000 - $400,000 and a three month hold, thereby
reducing exposure to any short-term fluctuations in market conditions.
• In addition, we are purchasing homes at discounts of approximately 20% of immediate re-sale value.
This margin allows for some decline in market value before any capital is at risk.
Internal Controls/Risk Management
• The principals of the Fund are accustomed to maintaining a high level of internal controls financial
accounting and risk management analysis through their many years of experience in the real estate
industry.
Reporting
• PIC has a web based reporting system that allows investors 24/7 access to all information on every
property, the Fund‟s balance sheet, or any other relative information.
Other Investment Considerations

Your potential interest in this investment opportunity (your “Interest”) is speculative
and involves risk.
You should carefully read this memorandum and, if one has been provided, review the proforma for the Interest
(“Proforma”), including the assumptions thereto, before purchasing the Interest. The Proforma consists of
“forward–looking:” statements that are based on various assumptions regarding future operation and
management of the Subject Project, such as renovations, marketing and certain budgeted expenditures. These
forward-looking statements may not accurately predict future events or the actual performance of the Subject
Project. It is possible that you could incur a complete loss of your investment and you should be able to
financially bear such a loss. In addition, any projections and representations written or oral, which do not
conform to those contained in the investment proposal must be disregarded.
You should consider carefully, among other risks, the following risks, and should consult with your own legal, tax,
accounting and financial advisors before investing in the Interest These risk factors, or other events, could
cause actual results to differ materially from those discussed in this memorandum.
You should consult with an attorney and a tax advisor prior to purchasing the Interest in order to examine the
full extent of any potential tax and legal consequences relating thereto. This memorandum is not intended to
provide you with any individual legal or tax advice, nor is it intended to provide an all-inclusive discussion of the
possible risks relative to your individual circumstances.
Investing in Our Funds Has Risks – Please Review

27
General Risks of Investment in the Subject Project
Cash flow will be derived from the resale of properties and/or rental payments. Payments to you
will be contingent on the Subject Project‟s successful operation; therefore, the economic success
of an investment in the Interest will depend directly upon the resale market and/or lease or
leases.
A failure to sell a property and/or a vacancy by a tenant that is not replaced or is replaced at less
attractive terms can adversely affect operating results or render the sale or refinancing of the
Subject Project difficult or unattractive.
No assurance can be given as to the accuracy of certain assumptions related to the future sale
and/or occupancy of the Subject Project by tenants or the ability of such tenants‟ to pay rents or
costs for the Subject Project, as these matters will depend on events and factors possibly beyond
the control of the limited liability company members.
Such factors include continued validity and enforceability of the lease in the event a tenant
defaults thereunder, the financial resources of the tenant, adverse change in local population
trends, market conditions, neighborhood property values, local economic and social conditions,
supply and demand for property similar to the Subject Project, competition from similar
properties, environmental hazards and liabilities caused by third parties, interest rates and real
estate tax rates and assessments, governmental rules, regulations and fiscal policies, zoning
restrictions, the enactment of unfavorable environmental or hazardous material laws, labor and
material costs, uninsured losses, effects or inflation and other risks.
27
Risks of Investing in Real Estate
2727

Sale of Interests
You will be required to represent that you are acquiring the Interest for investment purposes and not with a
view to distribution or resale (of your Interest), and that you can bear the economic risk of investment in the
Subject Project for an indefinite period of time. This representation is required because the Interest has not
been registered under any state “Blue Sky” or securities laws, and cannot be sold unless they are subsequently
registered or an exemption from such registration is available. In addition, there is no guarantee that a
market will exist for the Interest, and you cannot expect to be able to liquidate your investment in case of an
emergency. Further, the sale of the Interest may have adverse federal income tax consequences to you.
Offering Not Registered With Securities and Exchange Commissioner or State
Securities Commissions
The Interest will not be registered with the SEC or any state securities commission. The Interest is being
offered in reliance upon an exemption from the registration provisions of the Act and state securities laws
applicable only to offers and sales to prospective members meeting the suitability requirements set forth
herein. Since this is a nonpublic offering and, as such, is not registered under federal or state securities laws,
prospective members will not have the benefit of review or comment by the SEC or any state securities
commission.
Private Offering Exemption – Compliance with Requirements
The Interest is being offered and will be sold to you in reliance upon a private offering exemption from
registration provided in the Act and state securities laws. If Pintar should fail to comply with the requirements
of such exemption, you will have the right, if you so desire, to rescind your purchase of the Interest. It is
possible that if your rescission succeeds, Pintar may not have sufficient funds to pay for such rescission. Your
right to rescission might also fall under applicable state securities or “Blue Sky” laws and regulations in states
where the Interest will be offered without registration or qualifications pursuant to a private offering or other
exemption.
Risks of Investing in a Private Offering

Offering memo 1

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