When it happens if there is push back I just calmly explain, with absolutely no emotion in my voice whatsoever and without apologizing, that it's our business policy to always charge the late fee and issue the notice to quit when rent is received past the due date, as I explained when you moved in.

A basement tenant said her apartment was flooding, like a literal waterfall pouring in, non stop, nowhere near a bathroom, and it's wine, why is there wine pouring in her apartment and the tenants upstairs are partying, have kegs of wine, and are pouring it out. 

Calm yourself... haha 

Something like an 80/20 split, but only an asset management fee, and no waterfalls (look up what that means).

By staying calm it helps to keep communication from breaking down.

If it were me, I'd get things settled on the home front first, then branch out into additional future-building after things calm down.

Is the point that I am double dipping, i.e. that the GP participates as an LP with 20% equity then also gets the bonus waterfall splits?

It’s called a promote/carried interest and is part of the investor waterfall.

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.

And it was, 6 months of hard work and some sacrifice but things have calmed down a lot lately.