I’ve honestly never even heard on that rule about the first three meetings. Anyways, my best advice to you is to get yourself registered to sit in on a few sponsor presentations. Wether it be apartment deals or MHP deals. First, you need to talk about the industry. Here’s a great example of some talking points: http://www.parkstreetpartners.net/mobilehomeparkinvestments/
Next, you should talk about all of the reasons why their capital is protected in the deal structure. This will be for the first timer who has never invested in a real estate syndication. You may get into some worst case scenarios and the remedies for them in those scenarios.
If you do not yet have a deal currently, you should put together a sample deal and present it. This way your potential investor can get a generic feel for what you are looking for, a feel for your strategy and management style, a feel for how you underwrite, what types of returns and holding periods you anticipate, what the minimums would be, your fund structure (e.g. deal specific, blind poole), etc. It’s a lot easier to talk about these sort of things when there is an example of a deal to use.
At the end of your sample deal you may also want to include a presentation on your acquisitions strategy so they can see that side of it as well.