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.

When you start introducing differences in IRR percentages based on equity splits and waterfalls they can start to get confused.  

I took The Real Estate Modeling Pro Forma Modeling Master Class and The Real Estate Equity Waterfall Modeling Master Class.

The Real Estate Pro Forma Modeling Master Class and The Real Estate Equity Waterfall Modeling Master Class both by Justin Kivel who strangely enough is not a member of BP. 

As I understand it, here are some things to think about for turn-key vs. syndicationTurn-keyLimited upside as 'turn-key' means you are not buying any deal and forcing appreciationPotential for cash flow, especially in the midwest and moderate asset appreciation over timeStill requires property management, which can be a headache if out of state (especially when it comes to local knowledge issues such as inspections, pricing rentals, what's going on in the neighborhood, etc)More simple tax strategy (depreciation and loan interest)SyndicationPotential to achieve both cash flow and long-term equityUpside in that a good deal means you will get more than a preferred return, but the upside is better for the general partner due to the waterfall structure100% truly passive incomeIf the syndication you are investing in has a lot of experience and local knowledge, it's probably less riskyI'm unsure of how you would get taxed, but I do know it is possible to invest using types of IRA accounts to avoid capital gainsBeing from Michigan, I don't know a whole lot about what's going on in Columbus and Cleveland, but I know a few folks from those areas.

Hello,Can someone describe a typical waterfall structure for a JV where there is one capital partner providing maybe 80% of the capital and the other partner providing 20% of the capital but most of the management? 

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.

Look at preferred returns, waterfall structures, promotes, and the like to see if there's a repayment strategy that fits your and your investor's goals.

Sometimes we can buy for the instant equity and control if the waterfall is specific, measured and not too far out. 

Or, proceeds from the foreclosure "waterfall" and satisfy as many/much of the liens as possible.I thought one of the "tricks" was to let the "other" lien holder file for foreclosure so they would incur the fees.