I'd much rather the government take 25% of the accrued free money than the alternative. 

The operating agreement can define the preferred return they owe to me, how it accrues, amortizes, etc.

Just got an email from another lender tonight that Fannie mae guidelines will not allow them to loan 75% LTV and that they can only loan purchase price of the property plus any closing costs that accrue due to the refi.

I have multiple investments that will continue to accrue money.

I truly believe our financial education component plays a significant role in this, conveying the moratorium has zero protection to the impact of credit reporting showing past due and accruing amounts, that tenants may DEFER rents which means still due and owing just payable at a later date, AND the impact of a deferred accruing balance and potential for future evictions.

Total rent accrued to be $20K due.Out of 5 bedrooms in the house, 3 tenants were remaining.  2 agreed to leave peacefully. 

If we continue in Cincinnati, this will never happen again with this new knowledge we've accrued! 

We have accrued decent equity in our home in NJ and maybe a bit in the rental prop purchased in FL earlier this year.

Everyone seems to have a slightly different mechanism of calculating the splits, so I would reach out to them and see if they can walk you through the calculation.We use an investor management platform that calculates the splits (to the penny), keeps an audit trail, tracks accrued distributions (if you are doing development or heavy value add), etc.

Typically DPA takes the form of a 1st and 2nd combo, sometimes a 1st, 2nd, and 3rd combo where the down payment and closing costs are basically financed. in some cases, that chunk of money is either silently accruing interest without a payment, and under certain circumstances, forgiven if you play your cards right. but it does pose a challenge for refinancing as you are not walking in with equity -- you're starting out a little over-leveraged.