It has already helped me calm down in my head quite a bit.  

Pooling the investors dough into one JV entity makes equity management, profit distribution (waterfall) and carried interest (what you take on the back end) a whole lot easier to calculate. 

  ( that ship sailed on the west coast about 4 to 5 years ago) that until these things happen we are not in a REAL estate created recession downturn what ever you want to call it.what I see is stablization IE run away appreciation has calmed.. but I still see investors who need to make highest and best and look at your situation 8 months to find  ( Granted a Better than average buy).. we are still some time away from anything resembling a full blown real estate recession etc..

I am looking for my first 50+ unit apartment complex to purchase in the Atlanta area in the $4m range and wanted to see an example of a (redacted :-) ) settlement statement so I see the waterfall of expenses.

A waterfall schedule for allocation may make sense. 

you just calmed my nerves down.  

I am trying to get 25% of the GP's waterfall cash flows, i.e. the asset management fee, and the promote.Thanks.

I like both of the markets.I would stay away from Detroit for right now until the crime calms down and you can buy closer to the city.

The answers provided have calmed me.

Do I set up SPE for each property with benchmarks for a waterfall structure?