I wish you good success with your model.

Or they just don't want to work in that arena, their business model is different.

Many investors here are overpaying when looked at from the lense of the BP model. 

Again, research any entity structure yourself prior to jumping into it to see what are the pro's and con's for your specific business model.

Does anyone have experience building waterfall real estate models? 

Discuss with them a model where their job is easier and they win and you both will win.

Know where your business model is exposed and make plans to mitigate that risk if something should happen. 

While his business model wasn't completely interesting to me in a practical sense, I agreed with some of his concepts.

Hello Jay,it copies and paste a little backward.. but by my sending this in and subsequent meetings with the state of Oregon investigators its clear that assigning contracts with no intention to buy IE its your business model and advertising in ANY manner a property you don't own is simply illegal in this state.. 

The cost of turnover/vacancy should already be baked in to your business model.