little late to this party, but brokerage doesn't matter.  

your comment around "approvals will be easy to get" gives me pays if you've not done this type of project before, I understand your logic, and I don't know your local municipality but it always seems to me that no matter how easy we think a project or approval is going to be, something always comes up.

It's a 2-unit house, if that matters at all. 

It could be 50% high, 50% low or right on the money but no matter which of those three it is makes no difference.

That said the income really doesn't matter too much when it comes to selling it.

How I benefit from the partnership doesn't really matter for this discussion.

Quote from @Garrett Brown: If your Airbnb listing isn’t getting clicks, it doesn’t matter how incredible your property is—no clicks mean no bookings.

I know thats a contradiction, but a matter of growth. 

As a KS resident, KS will tax 100% of your income, no matter where it is sourced to. 

We all don't care how much Apple profits on our iPhone... what really matters is the product or value we get or in this terms the ROI on our principal.The fees can be broken down in the three main fees (so you might have to combine some of the above fees under one of the categories below):Acquisition fee (paid % of the asset price) - normally 1-3%Asset management (paid % of the income the asset produces) - normally 1-3%Distribution or exit fee (paid % of the sold asset price) - normally 1-3%Development fees (this is present in development deals) - exampleNOTE: Just because these fees are high or the split structure has too much going to the GP does not disqualify it.