Your post helps calm my nerves for sure. 

I disagree because as an LP seeing a lower fee structure, or change to waterfall from deal to deal from a sponsor calls into question the quality of the deal.  

Stay calm.

Lots of Highs and Lows on this one, this acquisition itself could be made into a book or a movie but my partners and I stayed calm and focused on identifying solutions instead of focusing on the problems.

His negotiation savvy saved the deal and was able to calm both parties when negotiations were heated.

Or a waterfall. 

I think Dylan is right, I will try to calm down and only purchase when there is a good deal.

My advise is be calm or professional, follow the lease terms and document. 

Any markets that are somewhat calm enough to make my first investment?

I've heard of waterfall agreements, and had a simple calculation of equity creation based on how much value the GC creates in the property, but I want your feedback to help guide the process.