What Level of Due Diligence is an Institutional Co-GP/LP doing?

Hey guys,

What is the level of diligence are a lot of these institutional partners go into? As a small developer were doing the typical Phase I and when needed II on the property, the partners we've worked with and we trust, looking a floorplans, confirming what seller has told us in regards to taxes, etc, make sure the SF lines up, same with current rent, vet the buyer and tenants creditworthiness. What other diligence is an institutional investor doing besides these things? If they're looking to invest in a deal as a Co-GP or LP?

Feel free to correct me if I am completely off.

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