-Second, to all members pro rata in accordance with their respective interest (60% to investormembers and 40% to the Sponsor)." 

In this case, several individuals participate in one first position loan and share ownership based pro-rata on the amount they contribute.Last, simplest, and completely illegal if you do it incorrectly, is to form an LLC and have your investors make capital contributions.

Holds the bank account and signs the contract with the PM and any other vendors4) Operating Entity LLC pays each owner their pro-rata share of distributions (cash flow), but also can make capital calls pro-rata from each owner5) When/if we decide to sell property, each TIC owner can choose to do what they want with the proceeds (1031 or not). - Question.

I guess a pro rata check would be issued to each of the Insureds. 

I had a rodent issue inside my house that i thought was mices but ended up being a rat a size of a pair of 10 shoes.

In a typical private equity structure, the GP and LP will receive their pro-rata share of distributions up until a preferred return.

With our investors we generally counted those who signed for the debt as pro rata at 70 cents on the dollar and those who provided cash as straight dollars to determine splits with our entity being in complete control.   

Equity side is then easily determined pro rata. 

Also, does his trust allow for non-pro-rata distributions such that you could take the 50% of the property as your share of the inheritance and your sisters take other assets of equal value? 

Either: (1) withdraw the excess contribution along with allocable earnings; get hit with taxation and a 10% early withdraw penalty on the earnings (most likely), (2) re-characterize the contribution to a non-deductible Traditional IRA, file Form 8606 with your return, maybe do a back-door Roth soon after if you won't get dinged by the pro-rata rule...or...just leave it as is and track the basis you now have in your traditional IRA, not as big a deal as people make it out to be... (3) pay the excise tax and hope the over-contribution can be remedied over time through the absorption method.