This would be the plan to distribute the payments:Distributable proceeds from operating cash flow and capital events are to be distributed in order as follows: 1 - Senior debt service payments2 - Then, to all deal-level investors pro-rata and pari-passu until such investors have earned a 9.0% annual preferred return (compounded to the extent unpaid)3 - Then, to deal-level investors until their initial capital balance has been reduced to zero;4 - Then, 25.0% to the Sponsor and 75.0% to deal-level investors until such investors have earned a 19.0% annual internal rate of return (IRR) (compounded annually)5 - Then, 50.0% to Sponsor and 50.0% to deal-level investors

If you invest cash into the deal too, treat your cash just like your investor’s cash, you receive the same waterfall pro rata. 

adding meter is like $3-8k per meter, pro rata billing based on unit size

I assume it's either a reduction to the basis of the property, or as a reduction to the closing costs to be amortized over the life of the loan (or a pro-rata portion of both).Thanks in advance!

Many commercial leases are structured where the tenant is responsible for picking up its pro rata share of the expenses over a base year (the first lease year).

Also you want to have language that your pro-rata share is only for your space.For example a center is 100% occupied and one tenant goes out.

So you still pay the whole bill but you can apportion on a pro-rata basis the amount they used.

So you will earn the base rent every month plus each tenants pro rata share of common area expenses, taxes, and insurance.

Yes, the proper term is a blanket loan and the pay off doesn’t have to be the exact pro rata share of that one property.

Also, does it make sense to use the same BRRRR calculators and just assume a $100 purchase price for the Pro Rata data?