GP/LP Structure Mobile Home Community Business

[William Jobe]

BP,

We (father and son venture) are looking to put together a fund for investors… family and friends to begin… this is not a pitch I promise. About to go under contract on mobile home community #2. 

If anyone has done this, how have you structured the waterfall splits? And have you incorporated an annual, semi or quarterly distribution? These are park owned homes that generate really solid cash flow. I know people hate POH's.. I love them! 

I have a friend who does real estate development, and he shared his investor deck. BUT.. his deals he stabilizes and sells right away to juice his IRR and that is just the model. We get great bonus depreciation and need to hold for 4 years minimum. 4-6 year holds. Has anybody structured GP/LP like this and thoughts on waterfall table and cash flow distributions? This seems to be tough to find!

Thanks to anyone that replies!

Best, William Jobe