Michael B. Earl, Chief Operating Officer

Mike Earl is responsible for the property operations of the Company. He has over 19 years experience in the real estate industry. For the last six years Mr. Earl has served as the Senior Vice President of a large property management company utilized by FowlerShore & Flanagan ("FSF") as a third party manager. In that role, he oversaw a portfolio of approximately 12,000 residential units and over 1,000,000 square feet of commercial rental space. Mr. Earl was also the Managing Partner and Director of Property Management for a large real estate syndication firm. The firm acquired and syndicated fifteen residential properties totaling approximately 4,500 units. He also served as the Regional Property Manager for the West Coast portfolio of Lincoln Property Company, where he managed over 6,000 residential units in three states. Mr. Earl earned a BS from San Diego State University, and holds a California Real Estate License.

Daniel N. Kaplan, Chief Investment Officer, Multifamily

Daniel Kaplan's primary responsibilities include underwriting, due diligence, and financing of multifamily properties. Prior to joining FFP, Mr. Kaplan served as an Associate for RREEF, in both San Francisco and Chicago corporate offices, where he was employed for four years. During his tenure at RREEF Mr. Kaplan coordinated the acquisition of approximately $338M in multifamily and $261M in commercial properties and over $150M in financing. He was also responsible for asset management of a 3,200-unit apartment restoration portfolio. Prior to that, Mr. Kaplan served as an Asset Manager for Mansur & Company in Chicago where he was responsible for acquisitions and asset management. He also served as a field auditor of asset-based loans for Transamerica Business Credit Corporation in Chicago. Mr. Kaplan received his BS in Accounting from Pennsylvania State University.

Benton J. Ketel, Director - Acquisitions

Since joining FFP in 1998, Ben Ketel has negotiated the successful acquisition of over 8,000 units of multifamily properties along with several office buildings, industrial parks, retail centers. His well-developed network of contacts, coupled with an intimate knowledge of investment property operations, including rehabilitation, budgeting and marketing strategy, gives FFP a competitive edge in its pursuit of the best real estate acquisition opportunities. Previously, he served as a real estate broker specializing in the apartment, hotel/motel, and office building sales and financing. Mr. Ketel has a BS in Business Administration / Finance from the University of Northern Colorado.