Apartment Syndication - Limited Partner Payout

[John Mazzella]

Hello BP!

Through my education into syndications I am still unclear on when a limited partner is no longer involved in the deal. For example, if I put together a deal with an expected exit after 5 years, but after 1 year I refinance out 50% of the capital invested by the limited partners. Do those limited partners still remain in the deal until the sale and then earn a percentage on the sale? I can't imagine a limited partner being happy with being cashed out after 1 year after the investment prior to the sale.  

Thanks in advance!