How does a Sponsor buyout the limited partner?

[Daniel Gorman]

I have studied many types of Equity structures in a syndication scenario with various types of preferred returns, equity hurdles, and more, however I have not been able to find anything about how a sponsor can buyout the equity limited partner in a long term hold scenario. Typically I have seen an exit strategy as a sale at the end of a hold period between 5-10 years, but I am interested in holding for very long terms so am trying to figure out how I can buy out the LP's who invest upfront while providing them a fair rate of return on their investment with me.  I have used straight debt from hard money loans to purchase small apartment buildings, but I am looking for another scenario as some of those investors have asked to be equity partners, but I would like the option of buying them out at some point.  Any ideas of how to structure a deal like this would be very helpful.

Thanks