@David Toupin It depends on the strategy of the property. If you're talking about a stabilized vanilla property and you are raising funds in a fashion that is part of in the broadly syndicated market, this would be the most common structure:
- You would receive a property management fee if you were managing the property - best to set up a separate entity for this. This cash flow could be a good chunk of the property's profitability from your point of view (if you're getting 10% of rent, by the 50% rule you're probably getting a good 20% of the profitability, and a lot more of the cashflow, from this)
- You could charge an acquisition fee for putting the deal together, at least 1% of transaction value - if you roll this into equity, this gives you 5% of the equity on an 80% LTV transaction
- Is there normally asset management fee, typically 1-1.5%, on invested capital that would go to you, as a manager, as well
- There is normally a hurdle rate, most commonly at 9%, above which you get a performance allocation, typically 20% (much higher if this is a non-core asset and you're doing some significant value add)
If the investors are guaranteeing the loan, they'll likely be less hospitable to giving up too much profitability, as its likely their guarantee on the loan that is providing much of the capital. At the end of the day it's a person-to-person negotiation. Also keep in mind people with better track records can command higher premiums, whereas people with less experience might, depending on one's network, have to give up more of the pie.
All in all, you could wind up with 50% of the profitability of the deal, but if you tell people that upfront, they'll think you're talking about the performance allocation and you'll scare them away.
