Study the language in the operating agreement very carefully because waterfall terms in operating agreements can be confusing and it isn't difficult for sponsors to hide onerous terms among the fluff.The way the waterfall calculations should work is that you receive 100% of all distributable cash (divided among you and the other investors pro-rata) until you reach the preferred return hurdle. 

@Erik PfundsteinThe answers you get will vary from person to person, but IMO a waterfall needs to be structured with defined hurdle rates.

For any reason You can Remain calm aurora , It was meant to be a joke . 

But other than that I am at a complete loss.I feel surprisingly calm and ready for this but not surprisingly ignorant and unaware of what to do first next third etc.

Look at waterfall/promote strategies. 

The remodel included the following labor and materials included:1300 sqft addition to an existing 1700 sqft homeA new roof was installed2 4 ton ac units with furnace were installedA complete home repipe with copper and a new tankless water heater installed80 recessed lights installed, 75 new outlets, 25 new dimmers2800 sqft of enginerred wood floor installed along with new baseboard 4 complete bathroom remodels from a-zComplete kitchen remodel with 22 cabinets, quartz counters with a waterfall island and full backsplash quartz wallsNew garage door, along with a new driveway, and fence installedComplete exterior landscape with over 100 plants and 10 olive trees installedRaise an existing 8 foot ceiling to 12 feet in the living room25 vinyl windows installed with moldings4 new closets installed15 interior doors installed 3 patio sliding doorsBuild a 150 sqft deck outsideMarble fire place with custom mantel Demo and disposal of all project materials 250 sheets of drywall hung, sanded, textured, and complete interior painting$5000 worth of new appliances$7000 worth of cameras, speakers, smart home featuresNew stucco to exterior of home, plus siding$15,000 worth of permits, plans, site plans, city fees

Is there a waterfall distribution being done after sale?

Specifically, the equity positions, ownership percentages, etc. would be part of what is referred to as waterfall distribution/calculations in structured finance.

The market is slowly starting to calm down so your returns could be solid if you're working with someone that helps you find a MF property with value add opportunity.

@Thomas S. what's strange is the son is so much more calm and collected than mom.