When things calm down a bit, hopefully tomorrow, I will give you a call to discuss what you're looking for.

It will help me stay calm and focused, and it will help me explain to my business partner that this is a solid strategy

Even on a calm day you wont believe how much heat is naturally chimneyed out the top.

Perhaps you can share your experience and calm my nerves (or maybe make them worse!).

The backyard is secluded and also has a waterfall for your zen-like serenityThe property address is XXXX Avenue San Luis, Woodland Hills, CA 91364Please drive by,walk up the private driveway, the current tenant is moving out this week.

So do all of your asset protection strategies when the waters are calm.

He is interested in a waterfall structure of some sort with a preferred return and he's asking us to make a proposal of what the various hurdles would be.

That might be too much going on to give them a calm environment with tenants etc.

Do this before approaching the appraiser to be ready for a calm, convincing conversation :) 

The structure you are searching for sounds like it would wind up as a waterfall...all profits (preferred return) to the primary partner until you reach a certain point then a switch of percentages to 50/50 or what have you after that target is reached...but that is the least of the issues here