In my eyes, all of the same diligence is needed in regard to sponsor and deal(s), but add to that prior operations by that sponsor, current financial analysis, current valuations in today's market with very limited trades happening as comps, what the effect of waterfall and fees will have on that position once you take over, etc.

As I grew in knowledge and experience, I started to learn what the average fee structure looks like and decided to pass on future investments with this sponsor. the way LP should look at the problem is not from the waterfall but from the financing structure IMO.There're very few funds that are doing well hitherto because they maintain they want to buy assets with DSCR 1.5 only and above and using fixed/debt combined with assumable loan (one can always assume loan) with discount.THe fact that many LP doesn't know these are possible (and there're offerings like these) .... is why people losing money unnecessariy

It'll calm any nerve China has about attacking Taiwan, and may even lead any notion of that threat falling adrift.

Lots of factors, but deciding factor was what what Torren described (waterfall highly favorable to GP).

@Greta Clav  love your Frank Lloyd Wright waterfall avatarSAL.2020005271Real Estate Salesperson08/13/202012/15/202106/08/202106/07/2024ACTIVE 08/13/2021Her Website says she's a realtor since 2014, untrue.

That usually calms them down, although I have had 1-2 leave over the years (good riddance). 

Your research should provide you with some info that should calm your nerves some.

You need to develop your rules and policies around late payments; and you have to be able to calmly deal with adverse situations.  

Inflation takes many years to work itself out to get back to calm still waters.

Also the next time the tenant starts behaving unprofessionally, simply ask them to call you back once they've calmed down and hang up on them...or just hang up on them.