Equity Structure/ Cash Flow Splits

[Andy Nichols]

I am working towards a presentation to an investor that I have on board to commit capital to some small student housing opportunities in a smaller market. I have a commercial office/industrial background and am able to compile proforma's for each property no problem. We are looking at 5 properties that the numbers reveal they should be advantageous. 

2 properties are vacant complete rehabs, one is income producing with tenants in place, one is vacant needing no work, and the last is vacant with minimal work. 25 bedrooms between the 5 properties. 

My question is the equity payout structure. Do I set up SPE for each property with benchmarks for a waterfall structure?

What do those benchmarks look like? 
Do I set up a JV LLC?

One LLC for all properties? Tax implications?

The initial model we have in place at the moment is all procurement, construction, and property management fall under my responsibilities while the investor strictly provides capital and waits for a check in the mail. 

Thoughts?