Twenty-three questions,
answered properly.

Accredited investors only, as defined in SEC Rule 501 of Regulation D. You qualify on income — $200,000 individually or $300,000 jointly in each of the last two years, with a reasonable expectation of the same this year — or on net worth exceeding $1 million excluding your primary residence. Holders of an active Series 7, 65 or 82 licence also qualify.

Because our offerings are made under Rule 506(c), verification by a third party is legally required. We use a verification service that reviews a letter from your CPA, attorney or investment adviser, or reviews tax documents directly. You never send financial documents to Mallard.

Yes. LLCs, partnerships, corporations, revocable trusts and irrevocable trusts can all subscribe, subject to their own accreditation tests. Bring your attorney's preferred structure and we will work with it.

Case by case. Non-US investors face withholding obligations and additional filing requirements that materially affect after-tax returns. We will tell you honestly on the first call whether it is worth your time.

$100,000 per offering. We hold the line on this because a smaller investor base means each investor gets real attention, and because below that amount the K-1 and reporting burden outweighs the benefit to you.

Quarterly, beginning the first full quarter after an asset stabilises. Assets undergoing heavy renovation may have a deferred or reduced initial distribution — this is always disclosed in that offering's documents before you commit a dollar.

An acquisition fee at closing, an asset management fee on collected revenue, a disposition fee at sale, and a promote — a share of profits that begins only after investors have received their capital back plus a 7% preferred return. Every number appears in the offering documents.

Our structure does not permit mandatory capital calls on limited partners. Reserves are funded at closing from the raise specifically so that a shortfall does not become your problem. If additional capital were ever needed, it would be raised voluntarily with clear terms.

Distributions can be reduced or suspended so cash stays in the asset to cover debt service and reserves. This has happened once, in 2023, when an insurance renewal came back 74% higher. We paused for two quarters, re-bid the policy, and resumed at the original rate.

Five to seven years. There is no redemption window and no secondary market. This is the genuine cost of private real estate: returns come from executing a business plan through a full cycle, and that requires capital that cannot be recalled mid-plan.

Assume you cannot get it. In genuine hardship we will try to help you find a transferee among existing investors, but we cannot promise one, and any transfer requires sponsor consent. Only invest capital you will not need during the hold.

Transfers require our consent and must satisfy securities law. In practice transfers happen occasionally between family members or into a trust; they rarely happen to a third party at a price you would like.

You receive a Schedule K-1 reflecting your share of depreciation, including accelerated depreciation identified by a third-party cost segregation study. For many investors that paper loss offsets most or all of the cash distributed in the early years. We are not tax advisors — take the K-1 to your CPA.

We target April 15. Partnership K-1s depend on each property's books closing, and many passive real estate investors file an extension as a matter of course. If yours is going to be late you will hear it from us in good time — not the week you are trying to file.

Yes, through any major custodian. Be aware that leveraged real estate inside an IRA can generate unrelated business taxable income (UBTI). Discuss it with your tax advisor before you commit — this genuinely changes the calculus for some investors.

Possibly. Owning property through a partnership can create a filing obligation in that state. We provide the state-level detail on your K-1, and most investors find the additional filings routine. Your CPA should confirm before you invest.

Fair question, and one you should ask every sponsor. Verify Mallard Legacy Partners LLC in state records, ask for the operating agreement, confirm the property manager and lender independently, and read the PPM's conflicts-of-interest section in full. We will supply all of it. A sponsor who resists any of those requests is telling you something.

Be aware that we are a first-time sponsor with no completed deals, so there are no existing investors for you to call. Weigh that honestly.

We do not have one. Mallard has not completed an acquisition, has no assets under management, and has never paid a distribution. Every figure on this site is an underwriting target or a stated commitment, never a result. That is a genuine risk and you should price it accordingly.

Third-party property management firms with existing scale in the market, overseen by Seth. We will not own the management company, which removes an obvious conflict of interest.

Fifteen minutes with Seth. He asks about your goals, timeline and tax position; you ask whatever you want. Nobody is sent offering documents on a first call unless they ask for them.

Once invested: a quarterly property-level report, a distribution notice each quarter, a K-1 in the spring, and a phone call any time something material changes. Between those, effectively never — that is the point.

The operating agreement will name a successor manager, and third-party property managers keep running the properties regardless. Mallard is currently one person, which makes this a sharper risk here than at a larger firm. Ask us how it is addressed in any specific offering before you commit.

A blind-pool fund asks you to commit before you know what it will buy. We would rather show you the building, the rent roll, the debt and the model, and let you decide on that specific deal. The trade-off is concentration: your outcome rides on one property and one submarket, so size each position accordingly.