I would like to take a look at a whole bunch of sample term sheets.I want to know the typical structure for a real estate fund, and for a single asset purchase deal.E.g. what types of payment structures are most used, is it almost always the waterfall, and if so, whats the average waterfall breakdown?

It comes down to the waterfall structure and order of payback. 

Although non-recourse, they have long memories.If you do this, just make sure you have a strong operating agreement and structure your waterfall right.

We think the ARV is somewhere around 850k and the total rehab (fresh interior / some exterior / some hardscape, holding costs, investor waterfall, etc) will sit somewhere around 210k and 6 months time.

If the cash flows are split in a waterfall structure like you indicated, a majority of the cash flows would go to the GP.GP has to pay out the hurdle essentially.

For example, in Arizona, they only publicly list owners who own 20% or more.Texas is similar.Other states have much greater privacy.However, there's more to many operating agreements than just the ownership percentages.In some deals, there can be waterfall provisions, overrides, preferred payments, sweat equity provisions, how much money was contributed to the deal and more.Quite simply, this information is none of the Seller's business, and the only reason the title company needs to know it is to verify that the parties signing on behalf of the Buyer are authorized to do so and that they're acting in compliance with their governing documents.Just try asking the Seller for a copy of their operating agreement and watch them resist, all for the same reasons.In 27+ years, I don't think I've ever had to give a copy of the operating agreement to parties on the other side of the deal.

We have quartz countertops, bifold aluminum doors (4 large open doors), beautiful new kitchen with crown molding cabinets, waterfall kitchen island, ancient stone wall in our living room, all hardwood floors, etc. they are comparing my house to houses with carpet, old cabinets/kitchen, etc.

Again, other might feel differently here.b) Skin in the game: as a conservative investor, I understand that the dirty secret of industries that the waterfall compensation is in the line with me and incentivizes sponsors to take more risk.

To do that, you'd need to set up the waterfall/allocations to be something like the following: 1.

Study the language in the operating agreement very carefully because waterfall terms in operating agreements can be confusing and it isn't difficult for sponsors to hide onerous terms among the fluff.The way the waterfall calculations should work is that you receive 100% of all distributable cash (divided among you and the other investors pro-rata) until you reach the preferred return hurdle.