Seems political opinion is stronger than calm discussion.Cheers, Buddy

Then you would waterfall the equity split of/if anything is left over. 

I would need to see the full waterfall to know for sure but it sounds like the pref is trailing off when some milestone is reached.

Reading the responses definitely calmed my concerns and relieved the stress of it.

It was like a waterfall in the closet.

I'm not a lawyer and I would suggest getting one because BP is not a law firm but here is my advice to help calm you.

In option #2 you may have to do a waterfall on the returns for the investor to make it worth their while or provide a guaranteed return.

Take the extra time and calm your mind.Judging by the photos, and inspection report, Not a major issue.

A multifamily building has developer fees (typically 3%) and a waterfall where initial fees go back to the investor and after a few hurdles tilts greatly back toward the other side.My only other comment is note investors are not averaging 40-50% returns - if they are then they are not being honest.

Remain calm and very polite, "I'm sorry my hands are tied, it's the law"If you allow yourself to be pushed around today it is going to continue, the "new" place needs to be clean and decorated which is more important than getting yours done.