No income this year, but did have expenses, so I want to capture the loss and carry it to 2021. 

So hypothetically if someone bought a house in 2023 below market value for $500k with $550k ARV comps in the area and locked in 7.15% APR as a primary residence -- would you hold or sell to capture the upside in the home? 

So with that logic, I want the LP to be protected and get paid out a baseline return first, but if the property exceeds expectations I believe the GP should capture  higher returns.With the proposed 75/25 waterfall breakdown suggested by the LP, I feel that I would be under compensated the first 4 or so years and it may not be worth it for me considering the month of labor it takes to furnish the property and the approximately 100-150 hours a year it takes for me to manage the property.

The only known factor is you cant capture appreciation if you no longer own it. :)

This and equity capture at the buy will have a larger impact on your future freedom than some cash-flow. 2 examples with low down payment-  Large house that has a net 'cash-flow' of -$2400/yr consistently,  but principal pay down is $6000/yr.Cash-flow pundits would say sell, but my 'savings rate' is 150%. 

i have had agents ask for this in the past. if it's off market, then everything is really between you and the seller.but post more info if this is not capturing the situation accurately

You could get into technical sides of things, like how to imbed and track pixels from ads through to lead capture forms, email click through rates, A/B testing, open rates, conversion rates, lead acquisition costs, customer acquisition costs, headline/subject line writing, etc.On the persuasion side: The Catalyst by Jonah Berger, The Jolt Effect by Matthew Dixon, but there are also countless sales training, sales psychology, influence people, type books out there.

Where with that same 600k you can leverage it acquiring several properties at the same time putting 20-25% down on each increasing your monthly cashflow and the amount of market appreciation you'll be able to capture. 

It captures monthly payments and the long term benefits of appreciation, loan paydown, and tax benefits. 

In your case, you have a long-term approach to investing, so you will be able to capture equity anyway.