This is called a waterfall structure.

Dining flows into the brand new kitchen with shaker cabs, waterfalled marbled quartz counters, stainless steel appliances & access to back deck.

Impressive steel double doors draw you into the open living space with chef's kitchen featuring Bertazzoni gas range with custom hood, waterfall Calacatta quartz island & moody backsplash.

Brand new kitchen featuring breakfast nook, shaker cabinets, quartz counters with waterfall island, ss appliances & tiled backsplash.

There is much to appreciate in the open floor plan concept with brand new kitchen which includes ss appliances, shaker cabinets, island with luxurious waterfall counters and extra seating.

For example, the sponsor has a gmp agreement with the development contractor, but there is a fine print in the distribution waterfall that the sponsor will first recover any costs above gmp before LPs get any money back.

Things I have heard over the years that are the first layer of diligence, and reasons someone may not consider an investment: first year return projections, waterfall structure, lack of track record of sponsor, only offering a Fund and not one off deals... to name a few.But to boil it down, I would agree with Jeffrey: credibility of sponsor

Getting fancy with different classes of passive investors, convertible instruments, elaborate payout waterfalls, or complex conditionals will add costs. 

Hi,I own a large home (4000 sq ft, 5 bed, 3.5 bath, nice pool and waterfall).

@Changseok KimFor non accredited investing Funds you need to have a pre-existing relationship with that individual or company as they are not allowed to solicit these types of funds (reg d 506b) unless they are a Reg A fund which is open to all.Whichever fund you choose make sure to do due diligence on sponsors and review the docs to understand the order of priority for distributions (waterfall) and get references from people who have invested