Quick question about syndication

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Hi all,

Quick question - I have a basic understanding of syndicating deals as I'm still very new to real estate investing. I realize that if everything goes according to plan the HML typically gets a preferred payout and then profits after that are split up and this structure is decided upon by the parties involved. Also, I see that if a deal goes horribly wrong and the HMLs aren't paid back they have to right to the property they were lending on. But! What if the deal finishes dead even? Is it typical that the HMLs get their preferred return? (the party with no money, or little money in the deal comes up with the preferred return for the HMLs).

I'm assuming this comes down to how the deal is structured and agreed upon by the parties involved, but whats typical?

Thanks!