First Multi-Family Investor Questions

[Kevin Park]

As a broker offered (we think) a good opportunity, our family is thinking of investing in multi-family apartment building in Virginia as a LP . I learned only in books while I took commercial real estate class at a law school a few years ago, so I do not know much. So, I have a couple of questions:

1. Is is common to have a limited partnership structure for a multi-unit property after construction phase? The property is fully leased up, and a current LP (a closed end fund) is leaving as the term of the fund is about to expire.
2. If the limited partnership owns the property, what does the ownership structure look like? Is the title under the name of GP?
3. The property is going to be leveraged, and what does the typical commercial real estate loan look like? Full amortization or partial? 
4. What protections does a LP have against a GP's misconduct? I know it is a matter of the partnership agreement that dictates the relationship between a GP and a LP(s), but just conventional terms would help me understand (or a model partnership agreement.)
5. What is a typical exit plan of a LP? 

Any comments would be greatly appreciated. Thanks!