It just feels weird renting out my childhood home so I need some calm rational thoughts.

She calmed us down a bit and told us to send over the floor plans.

It is very important that you approach everybody calmly and respectfully. 

(Note: I don't want this to deviate into a purely political post, I am merely trying to see peoples thoughts on whether it is a good idea to buy (AND LIVE) within the city of Austin NOW or wait till next year when things calm down, and whether they predict these situations will be short term or a long period of time).

After a preferred return is paid, is it typical to pay all of the investors investment back before the sponsor starts receiving the promote?

Folks, stay calm,  look for deals, be willing to sell, work your financing while rates are low, and keep a cash buffer. 

In this scenario, the sponsor will receive an agreed portion of the profit regardless of their performance (with the exception of a preferred return payout).Another format of profit distribution is waterfall.

I learned how to deal with a bad situation by staying calm and not being emotional. 

Make sure sponsors have completed deals full cycle When a syndication goes south and it does happen, general partners have made their share of fees ( acquisition and asset mgt) , loan are non recourse and their investments may be less impacted than a limited partner who is depending on pref return and share of funds from waterfall either refinance or sale

Some say now is the time to sell given the low inventory and “calm before the forbearance/ moratorium storm” and if I wait the market may be flooded with sellers who can’t weather the storm anymore.