Typical Document Flow in a Real Estate Syndication:

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1.  Investment Summary (first look, informal)
   → Short overview to generate initial interest. 

2. Offering Memorandum (OM) (marketing/sales material)
   → More detailed description of the deal, property, market, financials, but still "selling" the opportunity.

3. Private Placement Memorandum (PPM) (legal disclosure document)
   → Formal, attorney-reviewed disclosure of all risks, GP background, deal structure, legal disclaimers, often includes OM as an exhibit. Protects the GP legally.

4. Partnership Agreement / Operating Agreement (governs the business)
   → The actual legal document that outlines how the GP and LPs will operate the entity (the LLC or LP).
   → Covers voting rights, profit splits, management rights, capital calls, liquidation procedures, etc.

5. Subscription Agreement (investor commitment form)
   → The LP’s formal agreement to invest under the PPM terms.
   → It includes representations like: “I am an accredited investor,” “I agree to the risk,” and the amount of capital they’re subscribing.
   → LP signs this to officially reserve their units/shares.

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Or, we have the shorter description if you prefer...

• Investment Summary → "Interested?"

• Offering Memorandum → "Excited?"

• PPM → "Understand the risks?"

• Operating Agreement → "Understand the rules?"

• Subscription Agreement → "Ready to sign and fund?"