I would invite him over for a glass of ice tea ( it's bloody hot here in Florida and it's the polite thing to do ) then I would in a calm voice explain that had he come to you like a good neighbor, you would have been happy to pay the hoa for a year possibly even up to 5 years but because of his rude and illegal actions you are not going to on principle, also if he files a lien on this property again without just cause when you go to sell the house or harasses any potential buyer about this or any other issues he might think important.

Something very calming about helping others and when I see others do it, it melts my heart.

If a person threatened to sue for something unfounded, we calmly answered, "Do what you feel you need to do."

Needless to say I was worried and pissed, so I marched down to the code enforcement building and was ready to raise hell but instead I calmly asked why and how do I get them to stop.

Rates have jumped significantly in the past month or 6 weeks, but seem to be calming down right now. 

Are you offering a pref, a GP catchup, a multitiered waterfall?

August is the slowest month because 8/1 is BTS in Georgia.That said, there is no dry period as people like the winter mountain coziness, yet it’s still warm enough to go on a waterfall hike.  

The preferred return is ONLY a defined rate of return in the subscription docs which the investor must achieve before moving to another tier in the waterfall.

The investor gets all of it to the point that it equals 8% on any unreturned capital and the rest drops to the next tier of the waterfall, which usually means that that surplus portion gets split with the managing partner in some way.To answer your question, preferred returns can be whatever number the investors and manager agree to, but the most common range is 8% to 10%, with 8% being most common in my experience.It is possible (and common) to have a 10% preferred return on a three year investment and a 0% cash-on-cash return for the entire hold period.

Try to remain calm over all this nonsense.Gail