*Secure Control of the property from vandalism and inclement weather

*Secure and take inventory of materials, equipment and FF&E onsite and offsite.

 

*Evaluate Property Condition and compare against available documents

 

*Review all existing documents including but not limited to: Engineering, Environmental, lender inspection reports, permitted construction documents, inspection card, appraisals and survey.

 

*Determine what additional inspections are necessary and obtain same.

 

*Define scope of work to complete

 

*Determine status of owner / developer bank accounts, deposits, construction payment and performance bonds, subdivision improvement bond and determine if possession can be taken of bank accounts and control of bonds.

 

*Obtain and review property financial reports and supporting documents from owner / developer including P&L, Balance Sheet, Tax Returns, Rent roll, Business License(s), Payroll register, if applicable, Property utility bills, Accounts payable and accounts receivable ledgers and Property tax bills.

 

*Review and advise on litigation history

 

*If condominium, status of HOA Budget: Accuracy? Shortfall? Reserve status?
Bond status?

*If condominium, review DRE approved documents and requirements, initiate changes/modifications if warranted and review all records and minutes

 

*If condominium, determine Who Controls HOA Board and if Board control can be obtained

 

*Review property management, maintenance contracts, vendors in place and service providers and change as necessary

 

*Determine what insurance is in place and change as necessary: OCIP or CSIP wrap policy for construction defects, COC/Builder’s Risk, Hazard insurance, HOA master property insurance, maintenance assessment bond, director’s fidelity bond, including all riders, risk assessments, and disclosure affidavit for carriers.

 

*Review Title: Deed and legal description, notes and deeds of trust, exceptions to title estoppels and endorsements. Take actions a necessary to obtain proper title and proper title insurance.

 

*Review leases and if condominium, purchase contracts

 

*Complete Market Analysis of property and its trade area, develop marketing plan, hire marketing team and implement plan.

 

*Develop multiple workout scenarios, analyze same to determine  best course of action, obtain lender approval and implement.

*Supervise correction of substandard construction and completion of new construction