SamThe best investment is a multifamily vehicle that offers preferred returns, short invest cycle 18 months or less, and waterfall returns for each dollar in. 

Waterfall of roaches comes pouring down from front door onto sidewalk.

But from the equity side, the underwriting can be pretty complex with dynamic waterfalls that can handle subordination of pref and/or return of capital, promote or CF split, funding priority, project IRR versus LP IRR hurdles, clawback/catch-up capability.

Syndicator "Admin" Fee Changed from Flat % to Waterfall-type Split:  One group I have been dealing with historically did not charge an admin fee at all. 

.- For deals where I just earned a fee, like a standard waterfall arrangement, my company was paid a salary out of the investment vehicle. - Foreign Investor money is flowed through the LLC to the foreign company operating in the US, and then back to BVI after corporate level taxes have been paid.For my own accounting, ESPECIALLY business entities used to invest international partner money, I use a Big-4 accounting firm to do the books in order to protect my own risk of IRS audit.

An example of something might be able to do is admit a cash partner to a new LLC using a waterfall / hurdle structure to purchase the asset. 

I suggest reading about GP's, LP's, leveraged returns, and equity waterfalls to get started!

.- painted, renovated bathrooms, improved pool with waterfall, etc. 

XIRR, monthly IRR, and annual IRR will all be slightly different numbersXIRR is the most accurate, but depending on the language in your partnership agreements the waterfall calculation might be on an annual or monthly basis

But these additional benefits come at a cost, such as having to pay management fees, waterfall split (and sometimes catch-up), lack of control, etc.