Currently, I have access and have completed some of the Adventures in Commercial Real Estate Accelerator Program, an extensive real estate financial modeling course, covering topics and modeling such as direct cap, key risk/return metrics, income statements (retail, hotel, office, multifamily, industrial), leases, waterfall models, acquisitions/development models, etc.

You can complicate this with multiple waterfalls and pref returns.

It works for me.I’ve seen spreadsheets with bells and whistles and waterfall charts and ROI calculations that rival the complexity of my business development colleagues in a Fortune 500 company.

If you start changing specifics... adding waterfall models, or pref vs no pref...these all change your ppm.Mauricio Rauld is who I'd start with there. 

Anything above that is divided according to the pre-determined split or waterfall.

Each house is a $1M, near waterfalls...a true getaway-and-stay. 

A hurdle rate or waterfall, is based on a refi or sale.

Two members will be the managing members and also providing capital, and one member will strictly be providing capital.We would like to put a waterfall structure in place for any money distributions, including preferential return on cash yield, and an IRR hurdle for liquidity events, etc. and we would like all this to be clearly spelled out in the operating agreement. 

For the GP waterfall we carver out the 30% share with 15% of that for the KP role which is negotiable. 

Wondering where I can begin to learn different deal structuring (waterfall, hurdles, equity splits, etc) and how to apply it to underwriting for what ever template you're using?