George,

 Below is a list of questions that Keith and I had regarding the Westgate 
project:

 Ownership Structure

 What will be the ownership structure? Limited partnership? General partner?

 What are all the legal entities that will be involved and in what 
capacity(regarding ownership and 
 liabilities)?

 Who owns the land? improvements?

 Who holds the various loans?

 Is the land collateral?

 Investment
 
 What happens to initial investment?

 Is it used to purchase land for cash?Secure future loans?
 
 Why is the land cost spread out on the cash flow statement?

 When is the 700,000 actually needed? Now or for the land closing? Investment 
schedule?

 Investment Return

 Is Equity Repayment the return of the original investment?

 Is the plan to wait until the last unit is sold and closed before profits 
are distributed?

 Debt

 Which entity is the borrower for each loan and what recourse or collateral 
is associated with each 
 loan?

 Improvement

 Construction

 Are these the only two loans?  Looks like it from the cash flow statement.

 Terms of each loan?

 Uses of Funds

 How will disbursements be made?  By whom?

 What type of bank account?  Controls on max disbursement? Internet viewing 
for investors?

 Reports to track expenses vs plan?

 Bookkeeping procedures to record actual expenses?

 What is the relationship of Creekside Builders to the project?  Do you get 
paid a markup on subcontractors as a 
 general contractor and paid gain out of profits?

 Do you or Larry receive any money in the form of salary or personal expenses 
before the ultimate payout of profits?

 Design and Construction
 
 When will design be complete?

 What input will investors have in selecting design and materials for units?

 What level of investor involvement will be possible during construction 
planning and permitting?

 Does Creekside have specific procedures for dealing with subcontractors, 
vendors, and other professionals? 
 Such as always getting 3 bids, payment schedules, or reference checking?

 Are there any specific companies or individuals that you already plan to 
use? Names?

These questions are probably very basic to you, but as a first time investor 
in a project like this it is new to me.  Also, I want to learn as
much as possible from the process.

Phillip