Most LPs discover what they invested in
after the wire.
Get an independent review before you commit.
A TrueNOI analyst reviews your deal documents, stress-tests the underwriting, and gives you a signed Green / Yellow / Red verdict — with the specific questions to ask your GP.
How it works
Submit your deal
Fill out our intake form with deal details. Upload your pitch deck (Deck Review) or full document set including PPM and operating agreement (Full PPM Review).
AI + human analysis
Our AI pipeline runs 7 analytical modules against your deal documents: sponsor, market, business plan, underwriting, debt, fees, and waterfall/OA. A TrueNOI analyst reviews every output.
Green / Yellow / Red verdict
You receive a signed PDF report with a clear recommendation, the specific questions to ask your GP, and — for Full PPM Reviews — a 30-minute call to walk through findings.
Choose your review depth
Both tiers include a signed PDF report with a Green / Yellow / Red verdict and questions to ask your GP.
Deck Review
For deals at the pitch deck stage
- 9-component analytical framework
- Sponsor track record check (Verity)
- Debt structure analysis
- Fee stack review
- Red flag identification
- Questions to ask your GP
- Green / Yellow / Red verdict
- 30-day email Q&A included
Required: pitch deck. Helpful: term sheet, track record.
Get Deck Review — $299Full PPM Review
For deals where you have the full document set
- Everything in Deck Review
- PPM, OA & subscription agreement analysis
- Underwriting stress tests (5 scenarios)
- Waterfall & LP rights analysis
- Capital call provisions review
- Tax profile (passive loss, phantom income)
- 30-minute call with TrueNOI analyst
- 30-day email Q&A included
Required: PPM, OA, subscription agreement, deck. Preferred: underwriting model, investor updates.
Get Full PPM Review — $799What we check for
12 distress patterns that appear in syndications before things go wrong. Our review screens every deal for each of these.
The Floating-Rate Time Bomb
Bridge debt with no rate cap or a cap that expires before the hold period ends
The Rate Cap That Wasn't There
Rate cap strike price set above the actual floor — meaningless protection
The "All LPs Must Participate" Letter
Capital calls structured as mandatory when the OA says otherwise
The Preferred Equity Wipeout
Senior pref equity in the capital stack that LP investors weren't told about
The Class A Dilution Trap
Capital calls that dilute non-participating LPs through conversion to common equity
The Phantom Distribution
Return of capital disguised as a preferred return — reducing basis without income
The Passive-Loss Trap
Tax benefits claimed that are legally suspended for most accredited LPs
The Silent Sponsor
Operator with <5% co-invest who disappears when asset performance deteriorates
The Fund-of-Funds Middleman
Capital raiser extracting 1–3% annually between LP and the actual GP
The Vintage Mismatch
2021–2022 acquisitions underwritten on cap rate assumptions that don't hold in 2025
The Coach-to-Capital-Raiser Pipeline
GP whose only track record is raising capital, not managing assets
The Personal Guaranty Backdoor
Loan recourse provisions that expose LP entities to unexpected liability
Our Independence
TrueNOI is independent. We are compensated only by the limited partners who hire us. We do not accept compensation from real estate sponsors, general partners, capital raisers, or fund-of-funds.
Common questions
What documents do I need?
Deck Review: pitch deck required. Term sheet and track record one-pager are helpful. Full PPM Review: PPM, operating agreement, and subscription agreement required. Pitch deck and underwriting model strongly preferred.
How long does it take?
Deck Review: 48 hours from document receipt. Full PPM Review: 72 hours. Orders placed after noon ET on Fridays are delivered Monday EOD. Rush turnaround is not available.
What if I have follow-up questions?
Both tiers include 30-day email Q&A (reply to the delivery email). Full PPM Review includes a 30-minute Calendly call with David Naccarato.
Can I upgrade from Deck Review to Full PPM?
Yes. The upgrade costs $500 additional (the difference between the two tiers). Contact us after receiving your Deck Review.
Do you refer deals or take compensation from sponsors?
No. We are compensated only by the LPs who hire us. We do not accept compensation from sponsors, GPs, capital raisers, or fund-of-funds. See our independence statement below.
Ready to get your deal reviewed?
Submit your deal today. Deck Review delivered in 48 hours. Full PPM Review in 72 hours.
Submit a Deal for ReviewNot sure which tier? Start with a Deck Review — you can upgrade for $500 more after you see the initial findings.