You want to record the cash when it comes in and goes out, so you can track the flow of cash.I agree though, a month in arrears is wild. 

Wild that you have to submit an RFP, didn't realize it was such formal process!

Quote from @Peter Walther:It's not all that crazy....concept kind of goes back to the wild west....which when you think of it wasn't that long ago (150 years?)

Yeah, it's pretty wild! 

Operating Cash Waterfall looks as follows:1) Dad gets 10% pref on his unreturned capital ($4m * 10%) = $400k2) Dad / You / Sis split the next profits 20 / 40 / 40 - $80k / $160k / $160kCash Waterfall on a capital event (cash out refi or sale) as follows - lets say it sells for $5m in a few years1) First dad is paid back on his unreturned capital + any unpaid preferred returns - $4m2) Then balance is split Dad / You / Sis   20/40/40 - $200k / $400k / $400kYou could do management fees for additional involvement, fees upon a sale, etc - can go wild. 

Quote from @David Robertson: Clearly this forum is being spammed with fake positive reviews.5 posts posted within minutes by first time posters.Hopefully @Moderators mark this stuff as SPAM.Yeah, this is wildly suspicious.

It is such a large market that values can fluctuate wildly, depending on location.I would become familiar with the city, select some areas to concentrate, and learn the values of what has traded past 90-180 days, since there may not be a lot if activity.

So they are being wildly optimistic, and also two faced as they say many times that the multi-family market has improved in last 6 months, but that they can't sell any assets to raise capital in this horrible market so they must do the Capital call and ADD pref equity (to pay them back the 12 mil they stupidly sunk in over last 1 year, good money after bad). 

He started Robert Allen “Nothing Down” seminars, which were wildly successful at drawing paying attendees.  

Stable Market:While we don’t see the same wild appreciation as some hotter markets, the steady demand for rental properties, especially multi-family, makes for reliable income and decent returns.Tips for Out-of-State Investing:- Build a Reliable Team:Property management is key if you’re not local.