What is a standard waterfall structure payback(LP paid first etc)

[Anders Jax]

If $1m is invested by LP and annual cash flow is $200k for 5 years and asset sells for $2m, lets say for simplicity split 8% pref and 60/40 thereafter, so LP gets $150k in theory per year on cash flows before selling asset, would they get paid cash $150k a year and $50k to GP, or would they generally get paid in an accelerated front end manner?

And then is it standard procedure for asset sale to be calculated as part of year 5 cash flow, totaling $2,200,000 so the pref is $80k, and then the remaining $2,120,000 is split 60/40? Or is that not the most common way for the asset value to be split?